Jhagadia (Gujarat), Oct 6 (IANS) Union Minister of State for Mines Piyush Goyal and Gujarat Chief Minister Vijay Rupani on Thursday dedicated Gujarat Copper Project (GCP) in Jhagadia of Bharuch district to the country.
With this, GCP became the fifth unit of the Hindustan Copper Ltd (HCL).
After taking over in January 2015, through an auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Sarfaesi Act, 2002), the copper producer revived the sick unit and reopened the closed plant.
The Mini Ratna public sector enterprise invested Rs 300 crore in the project.
“Restarting of Jhagadia copper plant, besides enhancing production capacity of HCL, will also give boost to recycling of copper, including processing of e-scrap in an environment-friendly manner in the country,” said a statement quoting company’s Chairman and Managing Director K D Diwan.
Recently, he had said the company could commence commercial production at 50 per cent capacity and it could be scaled up to full capacity by the next fiscal, helping the company to generate additional Rs 1,500 crore at current copper prices.