Raises entire debt of Rs 6,071 crore, set to accelerate refined copper production for India’s
transition to renewable energy
Team News Riveting
Ahmedabad, June 26
Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 MTPA (million tons per annum) in two phases.
For the phase1 capacity of 0.5 MTPA, KCL has achieved financial closure through a syndicated club loan for the greenfield copper refinery project at Mundra, Gujarat, with the execution of financing documents with the consortium of banks led by State Bank of India (SBI).
The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra. The consortium of banks has sanctioned and signed agreement for the entire debt requirement of Rs 6071 crore for the Phase1 of the KCL Project.
“Aligned with ‘Atmanirbhar Bharat’, KCL aims to create the capacity for production of refined copper, which plays a vital role in strengthening the nation’s shift towards EV and renewables” said Vinay Prakash, Director Adani Enterprises Ltd. “The project has requisite technology tied up and the construction works at the site are progressing well and is scheduled to commence production during first half of CY 2024. It will be one of the largest copper refinery complexes in the world, with benchmark ESG performance standards, leveraging state of the art technology and digitilization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilise the required resources and complete the project within the set timelines”.
Adani Enterprises Limited (AEL) is the incubation arm of Adani Portfolio. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.
