The Indian Cabinet may take up the fresh disinvestment proposal of 10% stake sale of Hindustan Copper’s in about two weeks, reports said.
The company plans to raise as much as Rs.12.5bn via overseas borrowing to fund capex of which it plans to raise 2.5b rupees in the first phase by Sept, reports said citing Chairman Shakeel Ahmed.
The company is also not planning any equity dilution as of now, he said.
Hindustan Copper plans Rs.34.4bn capex over the next 5 years, Ahmed added.
The Chairman said that Jindal Steel, Monnet Ispat, Sterlite Industries may join the group for Afghan copper and gold bids. The current Afghan bid group includes SAIL, National Aluminium, Hindustan Copper and Mineral Exploration Corp.
A group of Indian companies would explore Afghan copper and gold deposits, reports said earlier.