Adani to enter copper manufacturing biz, raises Rs 6,071 crore loan from SBI, other PSU banks
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This financial closure (loan of Rs 6,071 crore) enables us to accelerate the copper project and complete it within the set timelines. The project has requisite technology tied up and the construction works at the site are progressing well. It is scheduled to commence production during the first half of 2024, Adani Enterprises said.
Gautam Adani-led ports-to-energy conglomerate Adani Group is set for an entry in copper manufacturing as it raised Rs 6,071 crore in debt to develop a one-million-ton per annum (MTPA) copper plant in Gujarat. The company has tied up finances from public sector lenders.
An SBI-led consortium of banks has sanctioned the entire loan amount for the development of phase-1 of the copper project. The other consortium members are Bank of Baroda, Canara Bank, Exim Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra.
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