Adani Enterprises Sells 50% Stake in KCTL, Acquires 50% in MetTube India to Form Copper Tubes JV

Ahmedabad, July 25, 2025 – Adani Enterprises Ltd (NSE: ADANIENT, BSE: 512599) has entered into a strategic joint venture with MetTube Mauritius Private Limited, signing a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) on July 24, 2025.

The move involves a two-way equity swap in the copper tubes manufacturing segment. It is realigning the ownership of key operating entities and forming a 50:50 joint venture structure.

Key Deal Summary

• Before the transaction, Adani Enterprises held 100% ownership in Kutch Copper Tubes Limited (KCTL).
• Following the deal, ownership in KCTL is now split equally, with Adani Enterprises and MetTube each holding 50%.
• MetTube Copper India Pvt Ltd (MCIPL) was previously fully owned by MetTube.
• After the transaction, MCIPL is now jointly owned, with Adani Enterprises and MetTube each holding a 50% stake.

Under the agreement:

• Adani will divest a 50% stake in its wholly owned subsidiary, KCTL, to MetTube.
• Simultaneously, Adani will acquire a 50% stake in MCIPL, a wholly owned Indian subsidiary of MetTube, which operates a manufacturing unit near Ahmedabad.

The agreements include equal rights for board representation, capital structuring decisions, and future share issuances.

Strategic Intent

The joint venture aims to boost India’s self-reliance in HVAC-grade copper tubes, a key material used in air conditioning, refrigeration, and sustainable infrastructure projects.

“This partnership with MetTube is a strategic leap towards making India self-reliant in copper tube manufacturing,” said Jeet Adani, Whole Time Director, Adani Group. “By combining Adani’s infrastructure and operational excellence with MetTube’s global expertise, we are not just building capacity—we are building capability”

Apurv Bagri, Chairman of Metdist Group (MetTube’s parent), added, “India’s copper tube demand is growing rapidly, and this alliance strengthens our commitment to the ‘Make in India’ vision with globally benchmarked manufacturing.”

Regulatory Disclosures

The company clarified that the deal isn’t a related-party transaction, in compliance with SEBI rules, and there were no prior cross-holdings between the two parties. The SHA ensures:

• Equal board representation
• Equal participation in future capital raises
• Mutual consent required for geographic or capital restructuring

No equity issuance is involved in the deal.

Adani Enterprises Stock Performance

Adani Enterprises Ltd. shares have dipped 2.02%, trading at ₹2,555 as of July 25, 2025. Adani Enterprises Ltd. shares have declined 14% over the last year, gained 0.03% year-to-date, and increased 1.13% in the previous month.

The stock opened at ₹2,605.00 today. It touched an intraday high of ₹2,617.00 and a low of ₹2,552.00 during the session. Market capitalisation of Adani Enterprises stands at ₹2.95 lakh crore. Over the past year, the stock hit a 52-week high of ₹3,258.00 and a 52-week low of ₹2,025.00.

About Adani Enterprises

Adani Enterprises Ltd. (AEL) is the flagship company of the Adani Group and is listed on both the NSE and BSE. With established businesses in infrastructure, green hydrogen, data centres, and metals, AEL continues to incubate and scale new ventures, including its 0.5 MTPA copper refinery at Mundra under KCTL.

About MetTube Copper India

MetTube Copper India Pvt Ltd, part of the Metdist Group, operates India’s first inner-grooved copper tube plant near Ahmedabad. The group has over 50 years of global copper manufacturing expertise with diversified interests across financial services, apparel, and hospitality.

Outlook

The partnership creates a vertically integrated copper manufacturing value chain for Adani and MetTube in India. With copper tube demand expected to surge amid rising urbanisation and green building norms, this JV aligns well with India’s import substitution and sustainability targets.

REF:https://nsearchives.nseindia.com/corporate/nishant_joshi_adani_com_24072025183208_AELintimationJVMetTube24072025.pdf

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