Adani Group's $1.1 billion copper project to begin operations from March 2024
₹6,071 crore for Phase-1 has been provided by the consortium of banks. The ₹8,783 crore-greenfield project completed a full debt tie-up with a consortium of banks led by SBI earlier this year. Meanwhile the equity for the project has been invested by the parent Adani Enterprises Ltd.
KCL has gotten all the major approvals in place to ensure timely execution. Copper is the third most used industrial metal after steel and aluminium, and its demand is rising on the back of fast-growing renewable energy, telecom and electric vehicle industries.
India's copper production has been unable to meet this demand, and domestic supply disruptions have led to a higher dependency on imported copper. India's imports have been consistently on the rise for the past five years.
For FY23 (April 2022 to March 2023 fiscal), India imported a record 1,81,000 tonnes of copper, while exports plummeted to a record low of 30,000 tonnes. The country is estimated to have consumed 7,50,000 tonnes of copper in FY23 (612 KT in FY22).
The number is expected to rise to 1.7 million tonnes by 2027 on the back of huge demand from the green energy industry. (With inputs from agencies)
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