Kutch Copper, a subsidiary of Adani Enterprises, is setting up a greenfield copper refinery project to produce one MTPA (million tonnes per annum) in two phases. The firm has achieved financial closure of RS 6,071 crore for the first phase.
Adani Enterprises-backed Kutch Copper on Sunday announced setting up a greenfield copper refinery project for the production of refined copper with 1 MTPA (million tons per annum) in two phases. The company has raised a debt of ₹6,071 crore by a consortium of banks led by the State Bank of India (SBI) for the first phase.
Under the first phase capacity of 0.5 MTPA, the Kutch Copper project 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 SBI. Other banks in the consortium were – Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra.
In its regulatory filing, Adani Enterprises said that the consortium of banks has sanctioned and signed an agreement for the entire debt requirement of ₹6,071 crore for the first phase of the KCL Project. Vinay Prakash, Director of Adani Enterprises 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 CY 2024.”
Prakash added, “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 mobilize the required resources and complete the project within the set timelines.”
Kutch Copper will be part of the Materials, Metals, and Mining vertical of the Adani Portfolio. SBI Capital Markets 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.
KCL is 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.
