Adani Group achieves financial closure of Kutch Copper Limited project, raises entire debt of Rs 6,071 crore

Adani Group’s mcap above $200 bn now
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Adani Group’s mcap above $200 bn now  

Highlights

Adani Group today announced that it has achieved the financial closure of KCL through a syndicate club loan for the Greenfield refinery project at Mundra, Gujarat. The company has raised an entire debt of Rs 6,071 crore.

Adani Group today announced that it has achieved the financial closure of Kutch Copper Limited (KCL) through a syndicate club loan for the Greenfield refinery project at Mundra, Gujarat. The company has raised an entire debt of Rs 6,071 crore.

Adani Enterprises in a regulatory filing said, "KCL has achieved the financial closure for the project with the execution of financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra. The consortium of banks has sanctioned and signed an agreement for the entire debt requirement of Rs 6,071 crore for the Phase1 of the KCL Project."

Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 MTPA (million tons per annum) in two phases. For the phase1 capacity of 0.5 MTPA.

"Aligned with 'Atmanirbhar Bharat', KCL aims to create the capacity for production of refined copper, which plays a vital role in strengthening the nation's shift towards EV and renewables" said Mr Vinay Prakash, Director Adani Enterprises Ltd.

Mr Prakash added, "The project has requisite technology tied up and the construction works at the site are progressing well and is scheduled to commence production during first half of CY 2024. 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 digitilization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilise the required resources and complete the project within the set timelines".

Kutch Copper Limited will be part of the Materials, Metals and Mining vertical of the Adani Portfolio.

KCL is deeply 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 robust ESG philosophy focussed on benchmark production and manufacturing processes, which is based on overall AEL ESG framework.

SBI Capital Markets Ltd acted as the financial advisor and Desai & Diwanji Advocates acted as the lenders' legal counsel. Saraf and Partners Law Offices acted as the legal advisor to KCL.

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