Adani Group's $1.1 Billion Copper Project To Begin Operations From March 2024 Kutch Copper Ltd (KCL), a subsidiary of the group's flagship Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for the production of refined copper with 1 million tonnes per annum in two phases
By Teena Jose •
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Billionaire Gautam Adani-led group's copper-producing factory at Mundra in Gujarat will start operations from March next year, helping cut India's dependence on imports and aiding energy transition, according to a PTI report, citing sources.
Kutch Copper Ltd (KCL), a subsidiary of the group's flagship Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for the production of refined copper with 1 million tonnes per annum in two phases.
For Phase-1, capacity of 0.5 million tonnes per annum, KCL has achieved financial closure through a syndicated club loan, sources with direct knowledge of the matter reportedly said, adding that the first phase is expected to become operational by the end of the current fiscal.
"Of the several projects underway, two of the key ones include the Navi Mumbai Airport and the Copper Smelter, and both are on schedule," Adani, at the company's AGM a few days back had stated.
The INR 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI earlier this year, they said, adding the entire debt requirement of INR 6,071 crore for Phase-1 has been provided by the consortium of banks.
The equity for the project has been invested by the parent Adani Enterprises Ltd. In addition, it has got all the major approvals in place to ensure timely execution, added the report.
Adani group, which is rapidly growing its renewable portfolio, will be a significant consumer of the red metal, sources said.
The strategically located plant at Mundra on the west coast will play a crucial part in the green energy infrastructure development, and encourage 'Make in India'. The project claimed to have the potential to make the Mundra Special Economic Zone a hub for downstream ecosystems of value-added copper products going forward.
According to the report, the location provides the additional advantage of access to lower cost and uninterrupted energy supply and logistical infrastructure to cater to domestic and international demand.
Furthermore, the plant's sustainable solution-based project design will have zero liquid discharge. It will explore using green power and deploying byproducts for cement and other businesses.
In addition, the plant will be producing 25 tonnes per annum old, 250 tonnes of silver and 1,500 kilotonnes per annum (KTPA) sulphuric acid and 250 KTPA phosphoric acid as byproducts.
