Hindustan Copper, Oil India ink pact for exploration of critical minerals; check details

The development comes at a time when the country is prioritising domestic production to reduce import dependency on China.

"In a significant step towards strengthening India's self-reliance in critical and strategic mineral sourcing, Oil India Ltd and Hindustan Copper Ltd signed a Memorandum of Understanding (MoU) on September 19, 2025," HCL said in a statement.

In a regulatory filing on September 15, Hindustan Copper highlighted the significant growth potential for copper consumption.

It said copper demand in the electrical segment is growing due to demand in the infrastructure sector. This is the result of affordable housing schemes, rural electrification, renewable energy, electric vehicles, more urbanisation, etc. It added that government initiatives will further increase growth of the copper-consuming industries.

Hindustan Copper had earlier told news agency Press Trust of India (PTI) that it plans to bid for critical minerals and rare earth element blocks along with other PSUs like Indian Oil Corporation Ltd (IOCL), GAIL (India) and RITES as part of its diversification strategy.

Engineering firm RITES Ltd had earlier signed an agreement with Hindustan Copper Ltd to jointly develop supply chains for metals and minerals, including critical minerals, in both domestic and international markets. The partnership will focus on exploration, extraction, refining, and production activities in India and abroad.

The government has approved a ₹16,300-crore National Critical Mineral Mission, with a total outlay of ₹34,300 crore spread over seven years, aiming to achieve self-reliance and accelerate India's journey towards green energy transition.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential raw materials required to fuel the growth of rapidly growing clean energy technologies.

Shares of Hindustan Copper settled 1.26% higher at ₹283.99 apiece on the National Stock Exchange (NSE). The announcement, however, came after market hours.

Over the past five trading sessions, the shares rose 0.26%. In the past month, the scrip gained 17.23%. Similarly, the stock surged 27.41% over the last six months.

The stock touched its 52-week-high of ₹353.00 on October 1, 2024 and its 52-week low of ₹183.82 on April 7, 2025. The company’s market capitalisation stands at ₹27,462.52 crore as recorded on the NSE as on September 19.

Shares of Oil India closed 1.37% higher at ₹404.60 apiece on the NSE. In the last five sessions, the stock gained 1.86%. Over the past month, it slipped 0.86%, but rose 4.86% in six months.

While, the stock touched its 52-week-high of ₹627 on September 18, 2024, it touched its 52-week low of ₹325 on April 7, 2025. Oil India’s market capitalisation stands at ₹65,812.55 crore.

State-owned Oil India Ltd (OIL) has a proven expertise in exploration, development, production and transportation of crude oil and natural gas.