Hindustan Copper pins Navratna ambitions on 50,000 TPA Jhagadia Project

New Delhi: State-owned Hindustan Copper's 50,000-tonnes-per-annum project at Jhagadia in Gujarat could bolster the company's prospects for Navratna status by enhancing its revenue, and strategic performance, its outgoing CMD Sanjiv Kumar Singh said on Tuesday.

The Jhagadia project, known as the Gujarat Copper Project (GCP), is a 50,000-tonne-per-annum secondary copper smelter and refinery located in Bharuch, Gujarat.

Hindustan Copper has entered into a partnership with Lohum Materials to restart the Gujarat Copper Plant under a revenue-sharing model.


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"For Hindustan Copper, the project can contribute to stronger financial metrics and higher asset productivity. It may also support the company's future progression towards Navratna status by adding to revenue, profitability, scale and strategic performance, subject to the applicable Government of India framework," the outgoing CMD told PTI.

Anupam Misra will take charge as the company's Chairman & Managing Director (CMD) on July 1.

Hindustan Copper Ltd (HCL) is a 'Mini-Ratna' Central Public Sector Enterprise under the administrative control of the Ministry of Mines.

Navratna status, granted by the Department of Public Enterprises to top-performing public sector enterprises, offers greater financial and operational autonomy, including the ability to invest up to Rs 1,000 crore or 15 per cent of net worth on in-house projects without government approval.

The CPSEs, which are Miniratna I, Schedule 'A' and have obtained 'excellent' or 'very good' Memorandum of Understanding (MoU) ratings in three of the last five years.

Achieve a composite score of 60 or above (out of 100) based on six specific performance parameters, including net profit to net worth, manpower cost, and earnings per share.

To be considered for Navratna status, CPSEs, which are Miniratna I, Schedule 'A' should have obtained 'excellent' or 'very good' Memorandum of Understanding (MoU) ratings in three of the last five years. They should have achieved a composite score of 60 or above (out of 100) based on six specific performance parameters, including net profit to net worth, manpower cost, and earnings per share.

Jhagadia Copper was set up by the Khaitan Group. Commissioned in 2003, it started commercial production in May 2006 but shut operations in September 2009 due to working-capital stress.

HCL acquired the secured assets in 2015 for Rs 210 crore and renamed them Gujarat Copper Project. Commercial operations resumed in October 2016.

The facility was conceived as a secondary copper smelter and refinery to process copper-bearing materials, including scrap and electronic waste, and produce LME Grade-A copper cathodes, the CMD said.

The operating economics remained difficult. Raw material sourcing, price volatility and viability issues restricted performance, he noted.

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The plant produced 24,007 tonnes of cathodes from November 2016 to March 2019, approximately 20 per cent capacity utilisation, underlining the need for a viable utilisation plan.

Hindustan Copper appointed a transaction adviser in 2025 and followed a consultative process before issuing the global tender in February 2026. Lohum won the bid to restart, upgrade, operate and maintain the facility.