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According to a stock exchange declaration Adani Enterprises' subsidiary Kutch Copper mentioned that it had started operating through the first unit of its greenfield copper refinery project in Mundra. The company would invest close to $1.2 billion to establish a copper smelter with a 0.5 MTPA capacity in the first phase, marking the Adani Portfolio's entry into the metals industry. With two phases of setup, the facility will have a total capacity of 1 MTPA.
Once completed, Kutch Copper will be the world's largest single-location custom smelter, benchmarking ESG performance standards while leveraging state-of-the-art technology and digitalisation, Adani Enterprises said. The company expects to create 2,000 direct and 5,000 indirect employment opportunities.
Further, it expects the demand for copper to be driven by renewable energy, electric vehicles, charging infrastructure, and the development of power transmission and distribution networks. The subsidiary unit is looking to add copper tubes to its portfolio through the establishment of Kutch Copper Tubes Limited, catering to applications in air conditioning and refrigeration.
"With Kutch Copper commencing operations, the Adani portfolio of companies is not only entering the metals sector but also driving India's leap towards a sustainable and aatmanirbhar (self-reliant) future," Gautam Adani, Chairman, Adani Group said.
“Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector. We believe the domestic copper industry will play a crucial role in achieving our nation’s goal of carbon neutrality by 2070 by strengthening our green infrastructure hand in hand with mature environmental stewardship," Adani said.
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