Public sector firm Hindustan Copper Ltd (HCL) today said it has got approval from its board for a joint venture with Chhattisgarh Mineral Development Corporation for developing new mines in the state.
Making its foray into mineral-rich Chattisgarh, HCL will invest Rs 10 crore in the equity capital of the joint venture with the state government company.
"The board of directors of the company at its meeting has approved the proposal for formation of a Joint Venture company with Chhattisgarh Mineral Development Corporation Ltd," HCL said in a regulatory filing.
The board has authorised the company's Chairman and Managing Director to take all requisite actions for the JV that will develop copper mines in the state.
Last month, HCL had said it will raise about Rs 800 crore through private placement of debt instruments and the funds would be used for financing its mining projects.
HCL's mines and plants are spread across four operating units, one each in Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.
