Adani Enterprises Limited has informed the Exchange regarding a press release dated July 24, 2025, titled "Adani Enterprises to join hands with MetTube for copper tubes business".
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Adani Enterprises has signed Share Purchase and Shareholders Agreements with MetTube Mauritius Private Limited on July 24, 2025, to set up a copper tubes joint venture. Under the deal, AEL will divest 50% of its wholly-owned subsidiary Kutch Copper Tubes Limited (KCTL) to MetTube, and simultaneously acquire 50% in MetTube's wholly-owned Indian arm, MetTube Copper India Private Limited (MCIPL). Both KCTL and MCIPL will become 50:50 joint ventures with equal board representation, equal share-subscription rights, and mutual consent for any capital structure changes. KCTL will cease to be a subsidiary of AEL after the transaction. The partnership aims to combine Adani's copper manufacturing infrastructure at Mundra with MetTube's global copper tube expertise to reduce India's dependence on imported copper tubes, targeting the HVAC, refrigeration, and plumbing sectors.
The deal diversifies AEL's copper business through a strategic global partnership but also means giving up full control of KCTL. Neutral to mildly positive for shareholders — it brings in a specialist partner to scale up faster, though the value-unlocking from KCTL will now be shared equally with MetTube.