Adani Enterprises Limited (AEL) has increased its stake in Gidhmuri Paturia Collieries Private Limited (GPCPL) to 100% by purchasing a 26% equity stake from Sainik Mining and Allied Services.
The deal involves 2,600 equity shares at a face value of Rs10 each for Rs26,000. GPCPL is now a wholly-owned subsidiary of AEL.
GPCPL was founded in March 2019 as joint venture between Adani Enterprises and Sainik Mining and Allied Services Company, to carry out mining operations in Chhattisgarh, a state in India.
Prior to the acquisition, Adani Enterprises owned a 74% stake in GPCPL, which reported no turnover for the fiscal year 2023-24.
GPCPL is engaged in developing and operating the coals mines and other minerals projects.
In March 2024, AEL’s subsidiary Kutch Copper commissioned the first phase of its $1.2bn copper manufacturing plant in Mundra, Gujarat, India.
The company aims to scale up the facility to a full capacity of 1Mt by FY29 (March 2029).
Upon reaching full capacity, Kutch Copper is set to become the world’s largest single-location custom smelter.
The project is expected to create 2,000 direct and 5,000 indirect employment opportunities.
Earlier this month, Reuters reported that India’s Federal Ministry of Mines announced the expansion of Gautam Adani’s copper smelter to increase capacity, potentially eliminating the country’s dependence on refined copper imports.
India’s refined copper production currently stands at approximately 555,000tpa, which falls short of domestic consumption of more than 750,000tpa, according to the news agency.
