Adani Enterprises Limited has informed the Exchange about Agreements
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Adani Enterprises has signed Share Purchase and Shareholders Agreements with MetTube Mauritius Private Limited (part of the Metdist Group) to form a 50:50 partnership in the copper tubes business. Under the deal, AEL will divest 50% of its wholly-owned subsidiary Kutch Copper Tubes Limited (KCTL) to MetTube, and concurrently acquire 50% of MetTube's wholly-owned subsidiary MetTube Copper India Private Limited (MCIPL). After completion, KCTL will cease to be a subsidiary of AEL, and both companies will hold equal stakes with equal board representation and shared governance. The partnership combines Adani's copper manufacturing infrastructure at Mundra (including a 0.5 MTPA copper refinery) with MetTube's 50+ years of global copper tube expertise. The aim is to reduce India's dependence on imported copper tubes for HVAC, refrigeration, and plumbing applications.
This is a strategic 50:50 joint venture that keeps copper tubes within AEL's portfolio while bringing in a global partner's technology and market reach. The deal may unlock value through combined expertise but also means AEL gives up full control of KCTL, so future upside from this business will be shared equally with MetTube.