Hindustan Copper settles SEPC arbitration disputes for Rs 18.78 crore
HINDCOPPER · price
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Hindustan Copper has amicably settled two arbitration disputes with SEPC Ltd related to Surda Mine contracts at Indian Copper Complex, Jharkhand. SEPC had claimed Rs 138.81 crore across a 2011 shaft sinking contract and a 2017 operations and maintenance contract, while HCL had counter-claimed Rs 158.11 crore. The agreed settlement is Rs 18.78 crore for both contracts, payable upon agreed milestones. The company says there is no impact on profitability as it relates to a mine expansion project.
Settlement amount much below SEPC's Rs 138.81 crore claim. No profitability impact per company. Neutral to mildly positive for shareholders.