Hindustan Copper will invest Rs18.56bn ($367m) to expand its mining capacity by 250% in India.
The firm will develop the open cast Malanjkhand copper project in Madhya Pradesh State into an underground copper ore mine, increasing its production capacity to five million tons a year.
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MCP has extractable copper reserves of 141 million tons, and currently produces two million tons of copper ore per annum through open cast method from the mine.
The firm has also received approval from the Cabinet Committee on Economic Affairs for the proposed investment.
The project will be executed by an engineering procurement and construction contractor and is expected to be completed in five years.
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