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 a loan of ₹6,071 crore by a consortium of banks led by State Bank of India (SBI) for the first phase.

Under Phase I of 0.5 MTPA capacity, Kutch Copper Project has achieved financial closure through a syndicated club loan for Greenfield Copper Refinery Project at Mundra, Gujarat with a consortium of SBI-led banks with financial documents. with execution.

Other banks in the consortium were Bank of Baroda, Canara Bank, Exim Bank of India, Indian Bank, Punjab National Bank and Bank of Maharashtra.

In its regulatory filing, Adani Enterprises said the consortium of banks has approved and signed an agreement for the entire loan requirement of ₹6,071 crore for the first phase of the KCL project.

Vinay Prakash, Director, Adani Enterprises said, “The project

The required technology is connected and the construction works on site 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.

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