Adani Enterprises enters the Copper business, incorporates Kutch Copper Limited

Adani Enterprises, the flagship entity of the Adani Group, Thursday announced its entry into the copper business by incorporating a wholly-owned subsidiary, Kutch Copper Limited (KCL).“KCL is incorporated with the object to undertake copper business-related activities, such as the manufacture of copper cathodes and copper rods and more,” the company said in a filing with exchanges.Gautam Adani-led Adani Enterprises owns businesses such as Adani Ports and Special Economic Zone Limited, Adani Power, Adani Transmission, Adani Green Energy and Adani Gas. All these companies are independently listed on the stock exchanges.Adani Enterprises is also into the coal business.The company’s entry into the copper business comes at a time when the import of refined copper has increased to 92,990 tonnes in FY19, from 44,245 tonnes in FY18. In a written response in the Lok Sabha, Union Minister of Mines, Coal and Parliamentary Affairs Pralhad Joshi said that the “imports of refined copper trebled from 44,245 tonnes to 1.52 lakh tonne in FY18-FY20, while exports slid 90% from 3.8 lakh tonne to 39,959 tonnes. As per industry data, India’s refined copper production was about 848,000 tonne in 2017-18. In 2019-20, the country’s production of refined copper dropped to 408,000 tonne.The move also comes at a time when the commodity is in a super cycle, with prices at the London Metal Exchange (LME) hitting a near-decade high of $9,617 per tonne in February. The prices have more than doubled from March 2020.Copper is a significant raw material for many industries such as the packaging, electrical, transport and telecommunication industry. Other top players in the industry include Hindalco, Hindustan Copper and Vedanta Ltd
Read More

Leave a Comment

Your email address will not be published. Required fields are marked *