Adani Group's Copper Arm Kutch Copper Joins International Copper Association

Kutch Copper Ltd, part of Adani Group has joined the International Copper Association (ICA) as its newest member. Headquartered in Washington, D.C., ICA is a not-for-profit trade association representing half the world's copper production, with 33 members across six continents.

Strategically located in Mundra, Gujarat, Kutch Copper is a fully owned subsidiary of the group’s flagship incubator Adani Enterprises.

Adani Enterprises is investing approximately $1.2 billion to establish a copper smelter with an initial capacity of 0.5 million tons per annum (MTPA) in the first phase. Kutch Copper's state-of-the-art facility will also produce copper cathodes, rods, and other byproducts, significantly contributing to India's goal of becoming self-reliant in copper production.

Dr. Vinay Prakash, Managing Director of Kutch Copper, shared his optimism about joining the ICA. He said, "India is poised to become a significant hub for copper and its products in the coming decades. We believe that Kutch Copper's membership in the ICA will allow us to actively contribute to sustainability initiatives and develop innovative applications and products within the copper sector. We look forward to collaborating with the global copper community to enhance the value chain for this essential metal, which plays a vital role in the transition to net zero."

ICA President and CEO Juan Ignacio Díaz expressed his enthusiasm for the new partnership, stating, "We are delighted to welcome Adani Metals Kutch Copper Ltd. to our community. Their efforts in advancing sustainable and innovative copper production strengthen our collective mission to promote, protect, and defend copper's essential role in enabling the technologies and infrastructures needed for global decarbonization. With their presence, we are particularly excited to support copper's growth in regions where its key applications are expanding."

ICA Chairman of the Board, Glencore's Stephen Rowland, added, "KCL's membership in ICA strengthens our commitment to promoting sustainable practices and developing new applications for copper. We are excited to collaborate with them and support their efforts to drive positive change in the industry."

Upon the successful completion of the second phase, which will add an equivalent capacity, Kutch Copper will achieve a total capacity of 1 MTPA, positioning it as one of the largest single-location custom copper smelters globally. The company is committed to maintaining high environmental, social, and governance (ESG) performance standards while leveraging advanced technology and digitalisation. Kutch Copper is working towards adding copper tubes to its portfolio as part of its forward integration strategy.

Google to Buy Carbon Credits from An Indian Startup that Turns Large Amounts of Agricultural Waste Into Biochar

Google has signed a significant deal to purchase carbon credits from an Indian startup called Varaha. This startup's initiative converts large amounts of agricultural waste into biochar, a form of charcoal that captures carbon dioxide from the atmosphere and stores it in the soil.

The Google-Varah deal is one of the biggest ever involving biochar, and is Google's first foray into India's carbon dioxide removal (CDR) sector.

Varaha is an innovative Indian startup focused on carbon dioxide removal (CDR) through the production of biochar. Varaha converts agricultural waste into biochar using pyrolysis Reactors.

Biochar is a form of charcoal that captures carbon dioxide from the atmosphere and stores it in the soil. Biochar not only helps mitigate CO2 emissions but also improves soil health, offering an alternative to traditional fertilizer.

Key Points:

Carbon Credits: Google has committed to purchase 100,000 tonnes of carbon removal credits from Varaha by 2030 as the catalytic first buyer of biochar credits produced by a Varaha facility in Gujarat, India.

Biochar Production: Varaha sources agricultural waste from hundreds of smallholder farms in India and converts it into biochar using Reactors.

Environmental Impact: Biochar not only helps mitigate CO2 emissions but also improves soil health, offering an alternative to traditional fertilizer.

Scalability: Varaha estimates that India's agricultural waste could generate enough biochar to store more than 100 million tons of CO2 annually.

This partnership is part of Google's broader strategy to achieve its net-zero emissions goal and support scalable solutions to address climate change.

Varaha has raised a total of $12.7 million from prominent funds such as RTP Global, Omnivore, Orios Venture Partners, and Japan’s Norinchukin Bank.

Besides Google, other tech giants are also exploring carbon credit purchases from Indian companies to offset their emissions. While specific deals haven't been widely publicized, companies like Microsoft and Amazon have shown interest in similar initiatives. These companies are looking to support carbon dioxide removal (CDR) projects, such as biochar production, to help achieve their sustainability goals.

YES BANK Launches Frictionless Finance Accelerator to Empower Fintech Startups

YES BANK, in collaboration with the Reserve Bank Innovation Hub (RBIH) and S.P. Jain Institute of Management and Research (SPJIMR), has announced the launch of the Frictionless Finance Accelerator Programme. This initiative, unveiled on National Startup Day, aims to support fintech startups in addressing critical challenges, scaling their innovations, and driving financial inclusion.

India’s startup ecosystem is thriving, with over 1.5 lakh Department for Promotion of Industry and Internal Trade (DPIIT) registered startups and more than 100 unicorns. Fintech, a key pillar of this growth, is redefining access to financial services and enabling small businesses to thrive. With this accelerator, YES BANK reinforces its role as a catalyst for innovation and collaboration in this dynamic sector.

Key Features of the Frictionless Finance Accelerator, include :

1. Support System for Startups: Startups gain access to expertise from RBIH, academic resources from SPJIMR, and YES BANK’s industry knowledge.
2. Focus on Emerging Technologies: The programme supports solutions in digital lending, AI-powered risk management, blockchain-based payments, and financial inclusion.
3. Regulatory and Business Guidance: Platforms like YES Connect provide startups with tools to navigate regulatory frameworks, optimise business models, and leverage digital infrastructure.
4. Collaborative Ecosystem: The programme builds partnerships between fintechs, industry leaders, and regulators to foster growth and innovation.

Mr. Prashant Kumar, Managing Director & CEO, YES BANK, said,

India has emerged as the third-largest startup ecosystem globally, and fintech startups are at the forefront of this transformation. The world is changing fast, and the future is one of interconnectedness, powered by technologies that once seemed impossible. At YES BANK, we are committed to supporting this growth through initiatives like the Frictionless Finance Accelerator, which helps startups address real-world challenges and build scalable solutions.

YES BANK’s Role in Driving Innovation

YES BANK has consistently supported startups, especially in fintech, through initiatives like YES HeadStartup and digital platforms such as IRIS Biz, YES Connect, and SmartFin. These solutions simplify operations, enabling startups to focus on innovation.

The Bank’s partnerships, such as the recent collaboration with Vegapay to launch Credit Line on UPI, highlight its emphasis on co-creating financial solutions tailored to startups’ needs. Similarly, its association with SPJIMR’s Wise Tech School of Innovation provides startups with mentorship, funding access, and resources to scale efficiently.

“Our focus is on creating a robust ecosystem where startups can thrive. We don’t just offer products or platforms; we offer partnerships that drive real impact,” Mr. Kumar added.

Dr. Varun Nagaraj, Dean, S.P. Jain Institute of Management and Research, emphasised the value of collaboration for responsible innovation, stating,

We appreciate the support provided by RBIH and YES BANK to launch the first Frictionless Finance Accelerator. At SPJIMR, through our WISE Tech initiative, we champion responsible innovation that blends cutting-edge technology with inclusivity and ethics. This partnership will enable start-ups to address challenges, redefine financial accessibility, and contribute to India's growth. Together, we are shaping a seamless and secure financial culture.

Mr. Rajesh Bansal, CEO, Reserve Bank Innovation Hub, shared his vision and stated,

Our mission of enabling 'Frictionless Finance for a Billion Indians' is deeply rooted in fostering innovation and entrepreneurship. This accelerator programme is a testament to our commitment to empowering entrepreneurs by providing access to world-class mentorship, facilitating connections with banks, and enabling them to create pathways for transformative growth that will shape the future of India’s financial ecosystem.

The Programme’s launch coincides with a time of tremendous opportunity and transformation. With global venture capital investments in 2024 soaring to $314 billion and the global digital economy expected to exceed $20 trillion by 2030, fintech start-ups are poised to play a pivotal role in shaping the future of finance. The Frictionless Finance Accelerator is a movement that symbolises the transformative power of partnerships, bold vision, and relentless action.

Vedanta Resources Raises $1.1 Bn Through a New Dual Tranche Bond Issuance

• Marquee investors from the United States, EMEA and Asia amongst major investors.
• Bonds are expected to be rated ‘B’ by S&P Global and ‘B2’ by Moody’s Ratings
• Moody's upgraded VRL corporate family rating (CFR) to B1 from B2 on back of recent moves.
• VRL has raised $3.1bn in USD bonds since September 2024.

Vedanta Resources has raised $1.1 billion through a new dual tranche issuance in international debt capital markets, the company said in a Singapore exchange filing.

As per the exchange filing, the bond issuance consists of two tranches – a $550mn tranche of 5.5 years tenor at 9.475% interest rate and a $550mn tranche of 8.25 years tenor at 9.850% interest rate. Both tranches garnered strong investor demand with the bonds receiving final orders of $3.4 bn from over 135 accounts, representing an oversubscription of 3.1x, the company said. The net proceeds will be used to prepay VRL’s outstanding bonds and pay any related transaction costs.

The final bonds allocation included 61% from Asia, 30% from EMEA, and 9% from US for the 5.5-Year Tranche and 54% from Asia, 30% from EMEA, and 16% from US for the 8.25-Year Tranche.

Ajay Goel, Chief Financial Officer said

The latest transaction marks the complete refinancing of Vedanta’s restructured bonds. The strong interest in the series of transactions reflects significant investor confidence in the several strategic steps that Vedanta has taken over the last several quarters in terms of delivering record production, cost rationalization and deleveraging.

VRL has refinanced $3.1bn in US dollar bonds since September 2024 through four successive international bond transactions. The total quantum of USD bonds raised by Vedanta marks the largest amount raised by an Indian issuer since 2022. The issuance marks an important step for VRL which has reduced it's debt by $4.6 billion over the past 3 years, bringing it to its lowest level in a decade.

Two major agencies, Moody’s and S&P Global upgraded VRL's and its instruments’ ratings citing recent developments. On January 13, Moody's said it had upgraded VRL’s corporate family rating to B1 from B2 and that on the senior unsecured bonds guaranteed by VRL to B2 from B3, a one notch upgrade, while maintaining a stable outlook. Moody’s has assigned a B2 rating to VRL's proposed senior unsecured bond issuance.

S&P Global too assigned a preliminary rating of ‘B’ on VRL’s senior unsecured notes on January 13. This is one notch upgrade from the current one. It has placed the rating on credit watch positive.

Modi Govt Approves ISRO's New Launch Pad Valued at $480 Mn

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a new and Third Launch Pad (TLP) of Indian Space agency, ISRO, at the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh.

This project is valued at Rs 3,984 crore (US $480 Million) and is expected to be completed within 48 months or 4 years.

The project cost includes the establishment of the Launch Pad and the associated facilities.

Currently, Indian Space Transportation Systems are completely reliant on two launch pads viz. First Launch Pad (FLP) & Second Launch Pad (SLP). FLP was realized 30 years ago for PSLV and continues to provide launch support for PSLV & SSLV.

The Second Launch Pad (SLP) at the Satish Dhawan Space Centre (SDSC) in Sriharikota, Andhra Pradesh was established in 2005. It was primarily built to support the Geosynchronous Satellite Launch Vehicle (GSLV) and LVM3 launch vehicles, and it also functions as a standby for the First Launch Pad (FLP).

Key Points of new Third Launch Pad (TLP):

Purpose: The new launch pad will support ISRO's Next Generation Launch Vehicles (NGLV) and serve as a standby for the existing Second Launch Pad.

Capacity Enhancement: This will significantly enhance ISRO's launch capacity, enabling more frequent and complex missions.

Future Missions: The TLP will support upcoming human spaceflight missions and the Bharatiya Antariksh Station (BAS), India's planned space station.

Design: The launch pad will have a universal and adaptable configuration to support various launch vehicles, including the LVM3 vehicles with semicryogenic stages.

This development marks a significant step in strengthening India's space infrastructure and expanding its capabilities in space exploration.