National Aluminium and Hindustan Copper say they are interested in acquiring copper mines in Namibia together.
The deal will enable Hindustan Copper to secure assured supplies of copper.
A joint team of executives in Africa have made a preliminary evaluation of the mineral potential in the country.
An official told the Economic Times that preliminary reports suggest good prospects for copper mining, both in terms of reserves and the stable political environment in Namibia.
"The union mines ministry will take a call on this based on the assessment report by the team of officials," the official said.
In August this year India signed an agreement with Namibia that enables India to invest in development of Namibia's copper, gold, zinc and uranium reserves.