MUMBAI: Billionaire Gautam Adani has set the ball rolling to build a one million tonne per annum (MTPA) copper plant in his home state of Gujarat. They have raised Rs 6,071 crore in debt to finance the first phase of the project (ie 0.5MTPA capacity). Growth occurs at a time when things accelerate Anil Agarwal Looking for Buyers for our Copper Unit in Tamil Nadu,
Gujarat plant, according to Adani Enterprises, will be one of the largest copper refinery complexes in the world, and will begin production in two years. Agarwal’s Tamil Nadu unit, which has been closed since 2018 due to alleged pollution violations, used to meet 40% of India’s copper requirements.
Adani Enterprises launches new business ventures for Adani Group. It incorporated Kutch Copper on March 24, 2021 for manufacturing of copper material, which is used in electric vehicles (EV), renewable energy systems, cables etc.
Adani Group forayed into the electric mobility infrastructure space in association with French energy giant Total by launching the first EV-charging station in Ahmedabad in March this year. The two plan to ramp up the infrastructure for 1,500 EV charging stations across the country. The Ahmedabad-based group also plans to manufacture electric vehicles, but little is publicly available.
While Adani Enterprises did not disclose the total cost of the 1MTPA copper plant in Mundra, which also houses its port (India’s largest), it said the project involves a mix of debt and equity. “This financial closure (a loan of Rs 6,071 crore) enables us to expedite the copper project and complete it within the stipulated time frame,” said the director of Adani Enterprises. Vinay Prakash,
Adani Enterprises said the SBI-led consortium of banks has approved the entire Rs 6,071 crore loan for the first phase of the copper project.
Adani Enterprises’ latest move has pitted it against Aditya Birla Group’s Hindalco (India’s largest copper producer) and state-owned Hindustan Copper. The demand for soft metals is expected to increase as India shifts its focus to clean energy and electric vehicles. After the closure of Agarwal’s Tamil Nadu plant, India has become an importer of copper, buying at a record high price of $9,600 a tonne.
Gujarat plant, according to Adani Enterprises, will be one of the largest copper refinery complexes in the world, and will begin production in two years. Agarwal’s Tamil Nadu unit, which has been closed since 2018 due to alleged pollution violations, used to meet 40% of India’s copper requirements.
Adani Enterprises launches new business ventures for Adani Group. It incorporated Kutch Copper on March 24, 2021 for manufacturing of copper material, which is used in electric vehicles (EV), renewable energy systems, cables etc.
Adani Group forayed into the electric mobility infrastructure space in association with French energy giant Total by launching the first EV-charging station in Ahmedabad in March this year. The two plan to ramp up the infrastructure for 1,500 EV charging stations across the country. The Ahmedabad-based group also plans to manufacture electric vehicles, but little is publicly available.
While Adani Enterprises did not disclose the total cost of the 1MTPA copper plant in Mundra, which also houses its port (India’s largest), it said the project involves a mix of debt and equity. “This financial closure (a loan of Rs 6,071 crore) enables us to expedite the copper project and complete it within the stipulated time frame,” said the director of Adani Enterprises. Vinay Prakash,
Adani Enterprises said the SBI-led consortium of banks has approved the entire Rs 6,071 crore loan for the first phase of the copper project.
Adani Enterprises’ latest move has pitted it against Aditya Birla Group’s Hindalco (India’s largest copper producer) and state-owned Hindustan Copper. The demand for soft metals is expected to increase as India shifts its focus to clean energy and electric vehicles. After the closure of Agarwal’s Tamil Nadu plant, India has become an importer of copper, buying at a record high price of $9,600 a tonne.