The privatisation saga of Hindustan Copper Ltd (HCL) took a new turn after Jharkhand government on Sunday decided to take over 600 acres of land leased to house the HCL complex at Musaboni in East Singhbhum district.
HCL works, mines and township were located on the land. Its acquisition would substantially wipe out the asset base of the company.
The decision was taken after Jharkhand chief minister Arjun Munda visited the area. HCL had decided close its unviable mines in the region owing to falling copper yields and mounting losses. Munda was accompanied by the HCL managing director.
Also Read
Sources said the government had decided that the state would develop Musaboni and adjoining Ghatsila and Chakulia to attract fresh investments to the region as well as provide alternative employment. An information technology park and engineering and medical colleges would be set up.
The state would also develop Ghatsila and adjoining areas for tourism and also upgrade the airstrip between Chakulia and Dalbhumgarh in East Singhbhum district into an airport with aircraft repair and maintenance centre.