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Kutch Copper, a subsidiary of Adani Enterprises, commissioned the first unit of its greenfield copper refinery project at Mundra on Thursday by dispatching the maiden batch of cathodes to customers.
This marks the Adani Portfolio's debut in the metal industry. The successful progress of the greenfield unit showcases the Adani Group's ability to plan and execute largescale projects.
Adani Enterprises is investing nearly $1.2 billion to set up a copper smelter with 0.5 MTPA capacity in the first phase. On completion of the second phase that will add similar capacity, Kutch Copper, with 1 MTPA, will be the world's largest single-location custom smelter, benchmarking ESG performance standards while leveraging state-of-the-art technology and digitalisation. It will create 2,000 direct and 5,000 indirect employment opportunities.
Adani Power announced that Mahan Energen (MEL), wholly owned subsidiary of the company has entered into a 20-year long-term Power Purchase Agreement (PPA) for 500 MW with Reliance Industries (RIL), under the Captive User policy as defined under the Electricity Rules, 2005.
One unit of 600 MW capacity of MEL's Mahan thermal power plant, out of its aggregate operating and upcoming capacity of 2800 MW, will be designated as the Captive Unit for this purpose.
In order to avail the benefit of this policy, RIL has to hold a 26% ownership stake in the Captive Unit in proportion to the total capacity of the power plant. It will accordingly invest in 5,00,00,000 equity shares of MEL, aggregating to Rs. 50 crore for the proportionate ownership stake.
This development brings between two corporates an exclusive arrangement for 500 MW of power purchase by Reliance Industries on long term basis.
In this connection, APL, MEL, and RIL have signed an Investment Agreement on 27 March 2024 at 7:00 pm. Closing of the transaction is subject to customary closing conditions including receipt of requisite approvals.
Aditya Vision has opened three new showroom at Patna (Bihar), Gumla (Jharkhand) and Samstipur (Bihar).
Akzo Nobel India welcomed the actor Yash, as the new brand ambassador for its Dulux Weathershield exterior emulsions in India.
Starting this week, fans and paint consumers will witness Yash in a bold avatar as he brings alive the latest ‘It's Colourful. It's Powerful' campaign featuring the super-premium Dulux Weathershield Powerflexx offering of the exterior emulsion range. The campaign will be launched across traditional and digital platforms in India
Alok Industries announced the cessation of Ram Rakesh Gaur, Chief Executive Officer of the Company with effect from 31 March 2024. He will be taking up a new role within the group.