It will create 2,000 direct and 5,000 indirect employment opportunities.
Billionaire Gautam Adani-led Adani Group works in various sectors including energy, power, ports and others. The 61-year-old business tycoon continues to expand its billion-dollar business empire. Now the billionaire has entered into new business of copper manufacturing plant. The group on Thursday announced the start of the first phase of the world's largest single-location copper manufacturing plant at Mundra in Gujarat. It will create 2,000 direct and 5,000 indirect employment opportunities.
Kutch Copper, a subsidiary of Adani Group's Adani Enterprises Ltd, commissioned the first phase of USD 1.2 billion (around Rs 9990 crore) greenfield copper refinery by dispatching the maiden batch of cathodes to customers, the company said in a statement. It will help cut India's dependence on imports and aid energy transition.
The first phase of the facility will produce 0.5 million tonnes a year of refined copper. It has started operations and full-scale 1 million tonnes capacity is expected by FY29 (March 2029). Copper is the third most used industrial metal after steel and aluminium.
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The Adani Group is investing heavily in energy transition, in which copper will play a vital role. It is expanding into adjacent areas of its current capabilities, which makes the copper business a strategic fit. Meanwhile, Gautam Adani is one of India's richest men with a real-time net worth of Rs 674880 crore as of March 29, as per Forbes.
(With inputs from PTI)
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