Adani Group raises Rs 6,071 cr debt for Kutch Copper project from SBI, others

The Adani Group, in a statement on Sunday, said that it has raised debt of Rs 6,071 crore for the first phase of the Kutch Copper Limited project. Kutch Copper, a subsidiary of Adani Enterprises (AEL), is setting up a greenfield copper refinery project for the production of refined copper of 1 million tonnes per annum (MTPA) in two phases. 

The first phase will be of a capacity of 0.5 MTPA. The project at Mundra in Gujarat has achieved financial closure through a syndicated club loan. State Bank of India (SBI) is leading the consortium of banks including Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra. 

Vinay Prakash, Director at Adani Enterprises said, “Aligned with ‘Atmanirbhar Bharat’, KCL aims to create the capacity for production of refined copper, which plays a vital role in strengthening the nation’s shift towards EV and renewables. The project has requisite technology tied up and the construction works at the site are progressing well and is scheduled to commence production during the first half of CY 2024. 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 digitilisation. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilise the required resources and complete the project within the set timelines.”

The group said that Kutch Copper will be part of the ‘materials, metals and mining’ vertical of the Adani portfolio. 

Kutch Copper was incorporated on March 24, 2021, with the objective of undertaking copper business-related activities such as manufacturing of copper cathodes and copper rods and associated products.

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