The consortium of banks said it had signed an agreement to lend the full amount of Rs 6,071 crore required for the first phase of the KCL project. A unit producing one million tonnes of copper a year will be set up at Mundra in Gujarat. Kutch Copper Limited, a subsidiary of Adani Enterprises Limited, is setting up a greenfield copper refinery project to refine one million tonnes of copper per annum in two phases. In the first phase, a plant with a capacity of half a million tonnes will be set up.
Vinay Prakash, Director, Adani Enterprises Limited, said:
Utilizing state-of-the-art technology and digitization, it will be one of the largest copper refinery complexes in the world with benchmark ESG performance standards. He said the Adani Group was committed to completing the project within the stipulated time frame. KCL will be responsible for a large part of the Adani Group’s operations in the materials, metals and mining sectors.
SBI Capital Markets Ltd is the company’s financial advisor. Desai & Divanji Advocates are the legal advisors to the lenders. Surf Law Offices acts as KCL’s Legal Adviser.
KCL was registered as a company on March 24, 2021.
The enterprise specializes in the manufacture of copper cathodes, copper products and related products.
Adani Enterprises Limited (AEL) is the incubation arm of the Adani Group. Adani Ports and Cess Ltd., Adani Transmission Ltd., Adani Power Ltd., Adani Green Energy Ltd., Adani Total Gas Ltd. and Adani Wilmer Ltd. are all incubated in AEL.
With the implementation of the project, it will become the largest copper refining company in the country.
KCL is integrated to undertake activities related to the copper business, such as the manufacture of copper cathodes and copper wires. At present, Adani Enterprises’ holding company is an integrated infrastructure company in the coal trade, coal mining, oil and gas exploration, ports, multi-model logistics, power generation, transmission and gas distribution.