Gautam Adani is set to build the world's largest single-location copper manufacturing plant in Gujarat with plans to invest $1.2 billion (approx Rs 9963 crore).
The Adani Group, led by billionaire Gautam Adani, is known for undertaking large-scale projects; in addition to his mega businesses, he is planning to build the world's largest single-location copper manufacturing plant in Mundra, Gujarat. As per reports, the facility will start operations of the first phase by March-end. The facility will be worth Rs $1.2 billion (approx Rs 9963 crore) with full-scale 1 million tonnes capacity by 2028-29. Currently Adani group operates businesses in airport operations, edible oils, road, rail and water infrastructure, data centers, and solar manufacturing, among others.
This project will help cut India's dependence on imports and aid the energy transition. India joins China and other nations that are rapidly expanding production of copper, a metal crucial for transition away from fossil fuels. Technologies critical to the energy transition such as electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper. Kutch Copper Ltd (KCL), a subsidiary of the group's flagship, Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project with 1 million tonnes per annum capacity in two phases.
For Phase 1, capacity of 0.5 million tonnes per annum, KCL achieved financial closure through a syndicated club loan in June 2022.
Kutch Copper Ltd managing director Vinay Prakash said “"Their aim is to be the world's largest copper smelting complex by 2030. He said India's per capita copper consumption is estimated at around 0.6 kg compared with the global average of 3.2 kg. "India's drive towards clean energy systems, increasing penetration of electric vehicles and a host of associated applications are expected to double the domestic copper demand by 2030.
With inputs from PTI
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