SW Group, a prominent Indian conglomerate, is set to invest ₹2,600 crore (approximately $301 million) to establish operations at two copper mines in Jharkhand. This strategic move marks the company’s entry into the non-ferrous metals sector, diversifying its portfolio beyond steel production. The mines, secured through a 20-year agreement with Hindustan Copper Limited (HCL), with an option for a 10-year extension, are expected to commence partial operations by the second half of the fiscal year 2026–27.
The decision to venture into copper mining is influenced by the recent downturn in steel prices and subdued demand from China, a major consumer. This diversification aims to mitigate risks associated with the steel market and capitalize on the growing demand for copper in various industries, including electric vehicles, renewable energy, and electronics.
JSW Group’s entry into the copper mining sector positions it to compete with established players such as Vedanta, Hindalco, Hindustan Copper, and Adani Copper. The new mines are projected to have a production capacity of 3 million tonnes of ore per year, contributing significantly to India’s domestic copper supply and reducing reliance on imports.
This investment aligns with India’s broader strategy to enhance domestic production of critical minerals, supporting the nation’s industrial growth and energy transition goals. By tapping into domestic copper resources, JSW Group aims to bolster India’s self-sufficiency in essential metals.
