Adani starts production at $1.2 billion copper manufacturing plant
- In Reports
- 11:40 AM, Mar 29, 2024
- Myind Staff
The billionaire Gautam Adani-led conglomerate, Adani Group, announced the commencement of production at the world's largest single-location copper manufacturing plant in Mundra. The plant is operated by Kutch Copper, a wholly-owned subsidiary of the flagship company of the ports-to-power conglomerate, Adani Enterprises Limited.
AEL has invested approximately $1.2 billion to establish a copper smelter with a capacity of 0.5 million tonnes per annum (MTPA) in the initial phase. According to the company's regulatory filing, the plant is projected to generate 2,000 direct and 5,000 indirect employment opportunities.
Adani Group chairman Gautam Adani stated, "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."
He added, "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. When commissioned, our modern smelter will set new benchmarks in copper production, with an enhanced thrust on innovative green technology."
The demand for copper will be fuelled by renewable energy, electric vehicles, charging infrastructure, and the expansion of power transmission and distribution networks.
As part of its forward integration strategy, Kutch Copper is progressing towards the establishment of Kutch Copper Tubes Limited to expand its portfolio with copper tubes. These tubes will serve applications in air conditioning and refrigeration.
Adani Group has initiated production at the world's largest copper manufacturing plant located in Mundra. With substantial investment and job creation, the group is prioritising green technology, aiming to achieve carbon neutrality by 2070. This ambition aligns with the anticipated surge in demand from renewable energy and electric vehicles, including the production of copper tubes for diverse applications.
The Mundra copper plant operated by Adani Group in Gujarat seeks to enhance India's copper production, with a focus on green technology, ESG standards, and catering to the electric vehicle industry. The project is in line with India's clean energy objectives and vision of self-reliance.
The price of cocoa has surged above $9,000 per ton, propelled by disappointing harvests in West Africa, edging closer to the $10,000 mark. This increase in cocoa prices has led to a rise in the cost of chocolate, consequently affecting the production of Easter eggs. Manufacturers are making adjustments to sizes and ingredients in response to the escalating prices. Furthermore, these prices surpass those of copper, significantly impacting the chocolate industry.
Image source: India Today
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