Adani Group yesterday said that it had successfully achieved financial closure for Phase-1 of the Kutch Copper Limited (KCL) project, by raising the entire debt of Rs6071 Crores through a consortium of banks led by State Bank of India. The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra.
KCL, a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project at Mundra, Gujarat, for the production of refined copper with 1 million tons per annum (MTPA) in two phases. In each phase 0.5 MTPA refined copper will be produced.
Vinay Prakash, Director of AEL said that this project aligns with ‘Atmanirbhar Bharat’, as it aims to create the capacity for the production of refined copper, which plays a vital role in strengthening the nation’s shift towards EV and renewables. He further said, “The project has requisite technology tied up and the construction works at the site are progressing well and are scheduled to commence production during the first half of the calendar year 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 digitalization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilize the required resources and complete the project within the set timelines.”
Kutch Copper Limited will be part of the Materials, Metals, and Mining vertical of the Adani Portfolio.
KCL is deeply committed to all UN SDGs with a clear focus on SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 13 (Climate Action). KCL has a robust ESG philosophy focused on benchmark production and manufacturing processes, which is based on the overall AEL ESG framework.
SBI Capital Markets Ltd acted as the financial advisor and Desai & Diwanji Advocates acted as the lenders’ legal counsel. Saraf and Partners Law Offices acted as the legal advisor to KCL.
