Adani Teams Kutch Copper raises Rs 6,071 Crore debt for copper refinery mission

Adani Enterprises Ltd’s subsidiary Kutch Copper Ltd. raised Rs 6,071 crore to fund the primary section of its inexperienced copper refinery mission in Mundra, Gujarat.

The debt was raised via syndicated membership loans led by the State Financial institution of India, the corporate mentioned in its trade software on Sunday, June twenty sixth. The opposite consortium members are Financial institution of Baroda, Canara Financial institution, EXIM Financial institution of India, Indian Financial institution, Punjab Nationwide Financial institution and Financial institution of Maharashtra.

The refinery mission, to be established in two phases, will produce refined copper with 1 million tonnes per 12 months. The corporate has achieved monetary closure for the primary section, which has a deliberate capability of 0.5 MTPA.

On-site manufacturing is scheduled to start throughout the first half of this 12 months 2024, mentioned Vinay Prakash, director of Adani Enterprises within the software. It will likely be one of many largest copper refinery complexes on this planet. and the monetary closure would allow them to speed up the mission.

Kutch Copper shall be a part of supplies, metals and mining within the Adani portfolio.