Adani Enterprises Ltd's subsidiary Kutch Copper Ltd. raised Rs 6,071 crore to fund the first phase of its greenfield copper refinery project at Mundra in Gujarat.
The debt was raised through syndicated club loan led by State Bank of India, the company said in its exchange filing on Sunday, June 26. The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra.
The refinery project, to be set up in two phases, will produce refined copper with 1 million tons per annum. The company has achieved financial closure for the first phase that has planned capacity of 0.5 MTPA.
The production at the site is scheduled to commence during first half of current year 2024, said Vinay Prakash, director at Adani Enterprises in the filing. It will be one of the largest copper refinery complexes in the world. and the financial closure would enable them to accelerate the project.
Kutch Copper will be part of the materials, metals and mining vertical of the Adani portfolio.
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