Hindustan Copper Limited (HCL) has resolved its dispute with SEPC Ltd (formerly Shriram EPC Ltd.) following a settlement deed executed on December 8, 2025. The agreement pertains to contracts related to the Surda Mine, Indian Copper Complex (ICC), Jharkhand. HCL will pay SEPC Ltd ₹18.78 crore for both contracts following the completion of agreed milestones.
Settlement Overview
Hindustan Copper Ltd (HCL) announced the resolution of its dispute with SEPC Ltd. The settlement encompasses agreements dated November 18, 2011, and July 6, 2017, related to projects at the Surda Mine, Indian Copper Complex (ICC), Jharkhand.
Details of the Resolved Contracts
The settlement addresses issues stemming from two contracts:
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A contract for shaft sinking, deepening of inclined shafts and winzes, equipping, installation of ore handling facilities, and allied excavation at Surda Mine. The initial awarded value was ₹206.34 crore plus applicable taxes, with a scope change of ₹4.64 crore plus applicable taxes. The contract was partially terminated on April 7, 2018. SEPC invoked arbitration in July 2019, claiming ₹128.24 crore.
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A contract for the operation and maintenance of the Surda Mine and Mosaboni Concentrator Plant at ICC, Jharkhand. SEPC Ltd invoked the arbitration clause in March 2023, submitting a claim of ₹10.57 crore.
Settlement Terms
Under the amicable settlement, HCL will pay SEPC Ltd a total of ₹18.78 crore for both contracts. The release of this amount is contingent upon achieving agreed milestones.
Impact on Hindustan Copper
The company states the settlement has no financial impact on the profitability of the company, as it relates to a mine expansion project to be completed.
Source: BSE
