In a strategic move aimed at boosting India’s self-reliance in critical resources, Indian Oil Corporation Limited (IOCL) has signed a non-binding Memorandum of Understanding (MoU) with Hindustan Copper Limited (HCL). This collaboration paves the way for both Public Sector Undertakings (PSUs) to jointly bid for copper, critical minerals, and other strategic mineral blocks across the country.
Strengthening Domestic Resource Capabilities
The MoU outlines a broad framework for IOCL and HCL to explore, acquire, and develop mining assets through joint bidding in upcoming mineral block auctions. The agreement also includes shared operations in mining, mineral processing, and infrastructure development related to these assets.
This partnership marks IOCL’s formal entry into the mining and mineral acquisition space—a diversification aimed at enhancing vertical integration and securing critical supply chains for India’s industrial and energy sectors.
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Financial Backbone and Strategic Intent
Hindustan Copper’s strong financial performance in FY2024–25 supports this forward-looking venture. The PSU reported a 21% growth in revenue from operations (₹2,070.97 crore), a 54% surge in profit before tax (₹633.51 crore), and a 42% rise in net profit (₹468.53 crore). With robust financial backing, the company is well-positioned to expand its footprint into new mineral frontiers through collaborations with IOCL and other strategic partners.
A Vision Aligned with National Priorities
This partnership reflects a growing focus among Indian PSUs on securing essential mineral resources vital for energy, defense, and advanced manufacturing sectors. By joining forces, IOCL and HCL aim to strengthen India’s long-term mineral security and contribute to the country’s Atmanirbhar Bharat (self-reliant India) initiative.
About IOCL
Indian Oil Corporation Limited (IOCL) is India’s largest commercial oil company, operating across the entire hydrocarbon value chain, including refining, pipeline transportation, marketing, exploration and production of crude oil, natural gas, and petrochemicals. A Maharatna PSU under the Ministry of Petroleum and Natural Gas, IOCL plays a pivotal role in ensuring the country’s energy security.
About Hindustan Copper Limited
Hindustan Copper Limited (HCL) is a vertically integrated copper producer under the Ministry of Mines, Government of India. It is the only PSU in the country engaged in mining, beneficiation, smelting, refining, and casting of refined copper. HCL owns and operates mining assets across Jharkhand, Madhya Pradesh, Rajasthan, and Maharashtra.
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