Asia’s richest man Gautam Adani raises $775m to build India’s biggest copper refinery

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Adani Enterprises, controlled by Gautam Adani and his family, is pressing ahead with plans to build India’s largest copper refinery as the world’s second most populous country seeks to reduce its reliance on metal imports.

The conglomerate – which also has interests in airports, edible oils, ports, renewable energy and toll roads – said in a regulatory filing on Sunday that its Kutch Copper unit had raised 60.7 billion rupees (775 million) in loans from a syndicate of banks led by the State Bank of India. The proceeds will be used to accelerate the construction of a new copper refining plant in Gujarat, Adani’s home state in western India.

“Kutch Copper aims to create the capacity to produce refined copper, which plays a vital role in bolstering the country’s transition to electric vehicles and renewable energy,” Vinay Prakash, director of Adani Enterprises, said in a statement. communicated. “The project has the required technology and construction work at the site is progressing well and is expected to start production in the first half of 2024.”

Once completed, the plant will be able to process one million tonnes of copper per year and help reduce the country’s imports. This will make Kutch Copper India’s largest copper refinery, overtaking billionaire Kumar Mangalam Birla’s Hindalco Industries, currently the country’s largest metal producer.

Adani is the Founder and Chairman of the Adani Group, which has six listed companies in India, including Adani Enterprises. He and his family have a current net worth of $99.2 billion, which puts him 6th on the world’s real-time billionaires list, just ahead of Larry Ellison and Warren Buffet.

His entrepreneurial journey began in 1988 when he started a commodity export business after dropping out of college and rejecting his father’s textile shop. Owner of India’s largest port in Gujarat, Adani first joined the ranks of billionaires in 2008, with an estimated net worth of $9.3 billion, but really started to gain momentum in the early years. Covid-19 pandemic, after a period of aggressive expansion into renewable energy, media, airports and more.

Adani said he wants to become the world’s largest producer of green energy, with the aim of investing up to $70 billion in renewable energy projects.

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