Wednesday, February 21, 2024

Gautam Adani is going to make history, will do this work for Rs 10 thousand crores

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Gautam Adani

Asia’s second richest businessman Gautam Adani is going to create history. He will spend about Rs 10 thousand crores in this work. Yes, Adani Group of billionaire businessman Gautam Adani is going to set up the world’s largest single location copper manufacturing unit in Mundra, Gujarat. According to the information, this plant will help in reducing India’s dependence on imports and in energy transition. Two sources having knowledge of the matter said that this plant, which is being built with an investment of 1.2 billion US dollars, will start operation of the first phase by the end of March. He said that the plant will start full-scale operations by 2029 with a capacity of 10 lakh tonnes.

What tasks require it?

Like China and other countries, India is also rapidly increasing the production of copper, which is an important metal to reduce the use of fossil fuels. Technologies critical to the energy transition such as electric vehicles (EV), charging infrastructure, solar photovoltaic (PV), wind energy and batteries all require copper. Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Limited (AEL), is setting up a 1 million tonne per annum capacity copper refinery project in two phases.

How much is consumed in India?

A capacity of five lakh tonnes per year will be started in the first phase. For this, KCL had obtained financing in June 2022. One of the sources said Adani Group wants to become a global leader in copper business by leveraging its strong position in resources business, logistics, renewable energy and infrastructure. He said that the per capita copper consumption in India is about 600 grams, while the global average is 3.2 kg. According to sources, due to India’s drive towards clean energy system, increasing penetration of electric vehicles and many related applications, domestic copper demand is expected to double by 2030.

Demand will double by 2030

Adani Group is investing heavily in this transformation, in which copper will play a key role. Copper is the third most used industrial metal after steel and aluminium. Its demand is increasing due to the rapidly growing renewable energy, telecom and electric vehicle industries. The country’s copper production has been unable to meet this demand, and dependence on imported copper has increased due to disruptions in domestic supply. The country’s imports have been continuously increasing for the last five years.

How much is being imported?

According to government data, the country imported a record 1,81,000 tonnes of copper in 2023 (April 2022 to March 2023 financial year), while exports dropped to a record low of 30,000 tonnes, which is also higher than during the Covid-19 pandemic period. is less. It is estimated that 7,50,000 tonnes of copper will be consumed in the country in the financial year 2023. Due to the huge demand from the green energy industry, this number is expected to increase to 1.7 million tonnes by 2027. Global demand for copper from solar photovoltaic (PV) installations alone is expected to double to 2.25 million tonnes in the current decade.

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