Chennai: In a major development aimed at resolving long-pending disputes and strengthening project execution momentum, SEPC Limited and Hindustan Copper Ltd (HCL) have jointly announced the successful execution of a Settlement Deed, bringing an end to all inter-se claims and counterclaims arising from arbitration proceedings under Case No. AP No.163 of 2023.
As part of the agreement, SEPC will receive ₹30,44,80,495 (₹30.45 crore) as a full and final settlement. This marks the formal closure of all outstanding arbitration matters between the two entities, paving the way for smoother collaboration and improved financial clarity.
Supplementary Work Order Strengthens Project Scope
In a simultaneous positive development, HCL has issued a supplementary work order valued at ₹72,54,57,640 (₹72.55 crore) for the ongoing vertical shaft sinking project. This expanded scope significantly enhances the overall value of the active assignment and further reinforces SEPC’s role as an important EPC partner in India’s mining infrastructure ecosystem.
Financial and Operational Benefits
The settlement delivers multiple strategic advantages for SEPC, including:
- Improved cash flows through immediate receipt of the settlement amount
- Elimination of legal uncertainties and administrative overhead associated with prolonged litigation
- Unlocking of stuck value, strengthening liquidity
- Enhanced project scope, ensuring higher utilisation of operational capabilities
The new work order also marks a renewed phase of collaboration between the two companies, supporting HCL’s ongoing expansion and modernization efforts across its mining operations.
Leadership Reaction
Commenting on the development, Mr. Venkataramani Jaiganesh, Managing Director of SEPC Limited, said:
“This settlement brings a positive and timely closure to a long-pending matter. We appreciate the constructive approach taken by Hindustan Copper Limited in reaching this resolution. The additional work order is a meaningful endorsement of SEPC’s execution strength in specialized mining infrastructure. With this clarity in place, our teams can now fully focus on delivery, operational discipline, and accelerating the project timeline.”
About SEPC Limited
SEPC Limited is a leading engineering, procurement, and construction (EPC) company engaged in infrastructure, mining, water, and industrial project execution. Known for its expertise in specialized engineering solutions, SEPC has built a strong presence across India’s critical infrastructure sectors through high-value, technically demanding projects.
About Hindustan Copper Limited
Hindustan Copper Limited (HCL), a Miniratna public sector undertaking (PSU) under the Ministry of Mines, is India’s only vertically integrated copper producer involved in mining, beneficiation, smelting, refining, and downstream production. The company plays a key role in supporting India’s mineral security and strengthening domestic copper supply chains.
