Adani Enterprises' branch, Kutch Copper, has kicked off operations for its brand-new copper refinery project in Mundra. The company announced this significant step in a filing to the stock exchange on Thursday.
This marks Adani's entry into the metal industry, with plans to invest a whopping $1.2 billion in the initial phase. The first phase involves setting up a copper smelter capable of handling 0.5 million tons per annum (MTPA). The entire project will eventually scale up to 1 MTPA over two phases.
Once fully operational, Kutch Copper aims to become the world's largest custom smelter at a single location. The company emphasizes its commitment to environmental, social, and governance (ESG) standards, promising to incorporate cutting-edge technology and digitalization.
The project is expected to generate around 2,000 direct jobs and 5,000 indirect employment opportunities. Adani Enterprises anticipates a surge in copper demand driven by sectors such as renewable energy, electric vehicles, and infrastructure development, particularly in power transmission and distribution networks.
In addition to the refinery, Kutch Copper plans to expand its offerings with the establishment of Kutch Copper Tubes Limited. This move will cater to applications in air conditioning and refrigeration, broadening the company's portfolio.
Gautam Adani, Chairman of the Adani Group, expressed enthusiasm about the venture. He sees it not only as a strategic move into the metals sector but also as a contribution to India's journey towards self-reliance and sustainability.
"Our rapid progress in this ambitious project demonstrates our dedication to positioning India as a leader in the global copper industry," Adani remarked. "We believe that strengthening our domestic copper industry aligns with our nation's objective of achieving carbon neutrality by 2070, promoting green infrastructure alongside responsible environmental practices."
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