Adani Group’s copper- producing factory at Mundra in Gujarat will start operations from March next year. This will help India cut its dependence on imports and aiding energy transition, according to sources accessed by The Economic Times.
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Copper, is in high demand as electric wires are primarily made of copper and hence the metal is known as ‘metal of electrification’. Technologies, required in the energy transition from fossil fuel to cleaner energy like electric vehicles (EVs) charging infrastructure, solar photovoltaics (PV) and wind and batteries, all require copper.
Adani Group’s subsidiary, Kutch Copper Ltd (KCL) is setting up a greenfield copper refinery project for the producing refined copper with 1 million tonnes per annum in two phases the Economic Times report mentioned.
In phase 1, the capacity will be kept at 0.5 million tonnes per annum. KCL has achieved financial closure through a syndicated club loan, said informed sources with direct knowledge of the matter to The Economic Times who added that the first phase is expected to become operational by the end of the current fiscal.
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“Of the several projects underway, two of the key ones include the Navi Mumbai Airport and the Copper Smelter, and both are on schedule,” said Gautam Adani at the company’s AGM a few days back.
The Rs 8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI earlier this year, they said, adding the entire debt requirement of Rs 6,071 crore for Phase-1 has been provided by the consortium of banks.
The project has got all the major approvals in place to ensure timely execution and the equity for the project has been invested by Adani Enterprises Ltd.
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Copper is the third most used industrial metal after steel and aluminium, and its demand is rising on the back of fast-growing renewable energy, telecom and electric vehicle industries. However, India’s copper production is unable to meet this demand and disruption in domestic supply have led to a higher dependency on imported copper which has been on the rise for the past five years.
