New Delhi, February 5, 2026: Hindustan Copper Limited (HCL), a Government of India enterprise, has amicably resolved its ongoing arbitration disputes with SEPC Ltd (formerly Shriram EPC Ltd.) related to contracts at the Surda Mine in Jharkhand. The settlements, approved by HCL’s Board of Directors today, cover two key contracts for shaft sinking, mine operations, and installation of ore handling facilities at the Indian Copper Complex (ICC).
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The first contract, originally awarded in November 2011 for shaft sinking and allied excavation work, saw disputes arise due to performance and execution challenges. SEPC Ltd had filed a claim of ₹128.74 crore in arbitration, while HCL countered with a claim of ₹148.17 crore. The second contract, awarded in July 2017 for the operation and maintenance of the Surda Mine and Mosaboni Concentrator Plant, involved a claim of ₹10.57 crore from SEPC Ltd and a counterclaim of ₹9.94 crore from HCL.
Under the mutually agreed settlement, HCL and SEPC Ltd have finalized payment amounts of ₹18.78 crore for the first contract and ₹10.57 crore for the second contract. The payments will be released upon completion of pre-defined project milestones. HCL has clarified that the settlement does not impact the company’s profitability, as the agreements pertain to mine expansion projects.
HCL’s Board meeting, which commenced at 10:30 AM and concluded at 2:50 PM, approved the settlements and confirmed that the resolutions are in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
About Hindustan Copper Limited:
HCL is India’s only vertically integrated copper producer, engaged in mining, refining, and smelting operations. The company is focused on expanding production capacities and implementing modern technologies at its mines to enhance efficiency and sustainability.