The newly formed group entity, Mundra Copper Ltd, a wholly-owned subsidiary of Adani Enterprises, envisages a project producing 1 million tonnes of copper cathode and 5 lakh tonnes of the copper rod a year and also 50 tonnes of gold and 500 tonnes of silver as by-products.
February 24, 2019
Adani Group is venturing into the copper business by setting up a smelter and refining facility at Kutch in Gujarat.
The newly formed group entity, Mundra Copper Ltd, applied to the central government for an industrial license to set up a copper concentrate smelting and refining facility, filing with the Department for Promotion of Industry and Internal Trade shows.
The project, as per a previous filing with the environment ministry made by Adani Enterprises, would be set up at an investment of Rs 10,000 crores spread over 634 acres within Adani Port Special Economic Zone in Mundra
The project envisages producing 1 million tonnes of copper cathode and 5 lakh tonnes of the copper rod a year and also 50 tonnes of gold and 500 tonnes of silver as by-products. The deal, once commissioned, will more than mitigate the crisis hitting the domestic copper availability with the closure of Vedanta’s smelter in Tuticorin.
With the recent Supreme Court refusal to restart Vedanta’s copper plant setting aside the order of the National Green Tribunal- about 4 lakh tonnes of copper smelting capacity has gotten idle.
