AFPAdani Enterprises, the flagship entity of the Adani Group, Thursday announced its entry into the copper business by incorporating a wholly-owned subsidiary, Kutch Copper Limited (KCL).
“KCL is incorporated with the object to undertake copper business-related activities, such as the manufacture of copper cathodes and copper rods and more,” the company said in a filing with exchanges.
Gautam Adani-led owns businesses such as Adani Ports and Special Economic Zone Limited, Adani Power, Adani Transmission, Adani Green Energy and Adani Gas. All these companies are independently listed on the stock exchanges.
Adani Enterprises is also into the coal business.
The company’s entry into the copper business comes at a time when the import of refined copper has increased to 92,990 tonnes in FY19, from 44,245 tonnes in FY18.
In a written response in the Lok Sabha, Union Minister of Mines, Coal and Parliamentary Affairs Pralhad Joshi said that the “imports of refined copper trebled from 44,245 tonnes to 1.52 lakh tonne in FY18-FY20, while exports slid 90% from 3.8 lakh tonne to 39,959 tonnes.
As per industry data, India's refined copper production was about 848,000 tonne in 2017-18. In 2019-20, the country's production of refined copper dropped to 408,000 tonne.
The move also comes at a time when the commodity is in a super cycle, with prices at the London Metal Exchange (LME) hitting a near-decade high of $9,617 per tonne in February. The prices have more than doubled from March 2020.
Copper is a significant raw material for many industries such as the packaging, electrical, transport and telecommunication industry. Other top players in the industry include Hindalco, Hindustan Copper and Vedanta Ltd
“KCL is incorporated with the object to undertake copper business-related activities, such as the manufacture of copper cathodes and copper rods and more,” the company said in a filing with exchanges.
Gautam Adani-led owns businesses such as Adani Ports and Special Economic Zone Limited, Adani Power, Adani Transmission, Adani Green Energy and Adani Gas. All these companies are independently listed on the stock exchanges.
Adani Enterprises is also into the coal business.
The company’s entry into the copper business comes at a time when the import of refined copper has increased to 92,990 tonnes in FY19, from 44,245 tonnes in FY18.
In a written response in the Lok Sabha, Union Minister of Mines, Coal and Parliamentary Affairs Pralhad Joshi said that the “imports of refined copper trebled from 44,245 tonnes to 1.52 lakh tonne in FY18-FY20, while exports slid 90% from 3.8 lakh tonne to 39,959 tonnes.
As per industry data, India's refined copper production was about 848,000 tonne in 2017-18. In 2019-20, the country's production of refined copper dropped to 408,000 tonne.
The move also comes at a time when the commodity is in a super cycle, with prices at the London Metal Exchange (LME) hitting a near-decade high of $9,617 per tonne in February. The prices have more than doubled from March 2020.
Copper is a significant raw material for many industries such as the packaging, electrical, transport and telecommunication industry. Other top players in the industry include Hindalco, Hindustan Copper and Vedanta Ltd
( Originally published on Mar 25, 2021 )
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4 Comments on this Story
 | Viveck3 hours ago One of the largest copper smelter plants is lying waste in Tuticorin due to Pollution issues while we are dependent on imports. Somebody has to take the lead. If Adani is doing, it will after all help India be self dependent in a critical industry. Kutch has vast land area. Adani should buy & shift Tuticorin plant to Kutch, the way Tata shifted from Singur. If we can't do we can curse those who are doing. This is in national interest. Plus jobs. Why complain. |
| Heisenberg Says6 hours ago Badal Raha hai! Bharat Nahi Gujarat. sab lootkar Gujrat main banane Ka plan hai aur pure Bharat ko Gujrat se control Karne Ka plan hai in Gujjus Ka. people are understanding this quickly |
 | MJ Jain7 hours ago Crony capitalism at its glaring glaring best ! How is the current govt different from the previous one except that corruption is not as glaringly visible as it was before 2014 ? |