This company raises Rs 6,071 crore from State Bank of India and other PSBs; here’s why!

Mandar Wagh
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This company raises Rs 6,071 crore from State Bank of India and other PSBs; here’s why!

The consortium also includes Bank of Baroda, Canara Bank, Indian Bank, Punjab National Bank, Bank of Maharashtra, and EXIM Bank of India.

On Monday, Adani Group’s shares witnessed a high spurt in traded volumes. At 2.45 pm, Adani Power was trading at Rs 274.40 per share on BSE, surging 3.68 per cent. Adani Green Energy, Adani Wilmar, and Adani Enterprises soared 3.09 per cent, 2.83 per cent & 1.18 per cent, respectively.  

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises announced that it has raised a debt of Rs 6,071 crore by a consortium of banks led by State Bank of India (SBI) to set up a greenfield copper refinery plant for the production of refined copper with one million tonnes per annum in two phases. With this deal, Kutch Copper Limited will be a part of the materials, metals & mining vertical of Adani portfolio. The consortium also includes Bank of Baroda, Canara Bank, Indian Bank, Punjab National Bank, Bank of Maharashtra, and EXIM Bank of India.  

Adani Group, founded by Gautam Adani in 1988, operates in various business segments such as port management, electric power generation, transmission, renewable energy, mining, food processing, and infrastructure.   

Considering the positive long-term outlook for the metals & mining industry as well as the opportunities lined up for Adani Group, we suggest keeping a close eye on these scrips for the upcoming sessions.    

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