Kutch Copper, backed by Adani Enterprises, announced the development of a greenfield copper refinery project with a capacity of 1 MTPA (million tonnes per annum) in two phases. For the first phase, the company raised a debt of Rs 6,071 crore from a consortium of banks led by the State Bank of India (SBI).

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The Kutch Copper project has reached financial closure with the execution of finance contracts with the consortium of banks led by SBI for the greenfield copper refinery project at Mundra, Gujarat, under the first phase capacity of 0.5 MTPA.

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The consortium includes Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra.

Adani Enterprises stated in a regulatory filing that the consortium of banks has sanctioned and signed an agreement for the total debt requirement of Rs 6,071 crore for the first phase of the KCL Project.

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“The project has requisite technology tied up and the construction works at the site are progressing well and are scheduled to commence production during the first half of CY 2024,” said Vinay Prakash, Director of Adani Enterprises. 

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“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 digitalization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilize the required resources and complete the project within the set timelines,” he added.

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Kutch Copper will be part of the Adani Portfolio’s Materials, Metals, and Mining sector. The lenders’ legal assistance was provided by Desai & Diwanji Advocates, while their financial advisor was SBI Capital Markets. Saraf and Partners Law Offices acted as KCL’s legal counsel.

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Adani Enterprises, India’s third-largest conglomerate in terms of market value, incorporated Kutch Copper on March 24, 2021, to produce copper materials.