Adani Group is expanding its operations into the copper sector, which plays a vital role in the advancement of renewable energy in India, particularly due to its extensive application in electric vehicles and its classification as a critical mineral.
In March of this year, Adani Enterprises launched the first unit of its copper refinery located in Mundra, Gujarat, thereby entering the metals industry through its subsidiary, Kutch Copper.
Currently, Kutch Copper is engaged in negotiations with BHP, a mining conglomerate based in Australia, to procure up to 1.6 million tonnes per annum (mtpa) of copper concentrate, according to sources familiar with the situation.
The anticipated supply contract is projected to be valued at approximately Ksh 460 million annually, based on current price levels, which are subject to change, as reported by ET.
Neither BHP nor Kutch Copper has provided a response to inquiries from ET.
As earlier reported on WoK, Ambuja Cements Ltd., a subsidiary of the Adani Group, has reached an agreement to purchase Orient Cement Ltd. in a transaction valued at Ksh 124.5 billion ($963 million).
This move is part of billionaire Gautam Adani’s strategy to acquire key producers of essential raw materials for India’s infrastructure development.
According to a filing made by the company on Tuesday, Ambuja will obtain a 46.8% stake in Orient Cement from its existing founders and select public shareholders. The entire transaction will be financed through internal resources.
Additionally, Ambuja plans to make an open offer for a 26% stake in Orient at a price of Ksh 608.33 per share, representing a 12% premium over Monday’s closing price of Ksh 542.26.