Adani Enterprises Ltd’s shares were up by 1.08 per cent to ₹3,155.95 at 12.07 pm on Thursday after the company reported that its subsidiary Kutch Copper has commenced operations at its refinery project in Mundra, Gujarat. The refinery, set up in two phases at an investment of around $1.2 billion, aims to become the world’s largest single-location custom smelter. 

The company said that the first phase involves setting up a copper smelter with 0.5 million tonnes per annum (MTPA) capacity. The second phase would add a similar capacity. The project is expected to create 7,000 direct and indirect job opportunities.

“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,” said Gautam Adani, Chairman of Adani Group.

He further added, “Our speed of execution in this ambitious, super-sized project underscores our commitment to take India to the forefront of the global copper sector. 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.”