SBI consortium will give a loan of six thousand crores to Adani Group.
Public sector banks, including SBI, have agreed to provide finance of Rs 6,071 crore to the 10 lakh tonne per annum copper production plant being set up by the Adani Group at Mundra in Gujarat.
The group’s subsidiary Kutch Copper Limited is setting up a greenfield copper refinery project for the production of refined copper.
Production will start in the year 2024. Recently, Gautam Adani celebrated his 60th birthday. On this day he donated 60 thousand crore rupees.
Adani Group has tied up with a consortium of banks led by the State Bank of India (SBI).
Other members of this consortium are Bank of Baroda, Canara Bank, Export-Import Bank (Exim Bank of India), Indian Bank, Punjab National Bank, and Bank of Maharashtra.
Production will start in 2024.
Vinay Prakash, Director, Adani Enterprises Limited said that the project has the required technology and the construction work at the site is progressing at a brisk pace, and production is expected to start during the first half of the year 2024.
Talking to the media, he said that it will be one of the largest copper refinery sites in the world with benchmark ESG performance standards.
It is based on state-of-the-art digital technology. This financial deal enables us to accelerate the project and at the same time reflects the commitment of the Adani Group.
SBI consortium will give a loan to Adani group: KCL to be part of the mining vertical.
KCL will be part of the materials, metals, and mining vertical of the Adani Group.
It was incorporated into the group on 24th March 2021 with the objective of activities related to copper business like manufacturing of copper cathode and copper rod and related products.
Adani Enterprises Limited (AEL) is the energy sector arm of the Adani Group. Adani Ports & SEZ Ltd., Adani Transmission Ltd.
Adani Power Ltd., Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Wilmar Ltd. have also been included in AEL.
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