Adani Enterprises-backed Kutch Copper on Sunday announced setting up of a greenfield copper refinery project to produce refined copper with 1 MTPA (million tonnes per annum) in two phases. The company has raised debt 6,071 crore by a consortium of banks led by State Bank of India (SBI) for the first phase.
Under Phase I capacity of 0.5 MTPA, Kutch Copper Project has achieved financial closure through Syndicated Club Loan for Greenfield Copper Refinery Project at Mundra, Gujarat, led by execution of financing documents with consortium of banks has gone. State Bank Of India,
Other banks in the union were – Bank Of BarodaCanara 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 approved and signed an agreement for the entire requirement of the loan. 6071 crore for the first phase of the KCL project.
Vinay Prakash, Director, Adani Enterprises said, “The project
The required technology is connected and the on-site construction works are progressing well and are scheduled to start production during the first half of CY 2024.”
Prakash further 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
Digitization. This financial closure enables us to expedite the project and reflects Adani Group’s commitment to mobilize the required resources and complete the project within the stipulated time frame.”
Kutch Copper will be part of the materials, metals and mining verticals of the Adani portfolio.
SBI Capital Markets acted as financial advisors and Desai and Dewanji Advocates acted as legal advisors to the lenders. Saraf & Partners Law Office acted as 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 strong ESG philosophy focused on benchmark production and
Manufacturing processes, based on the overall AEL ESG framework.