Adani Enterprises Shares in Focus After Copper JV Deal with MetTube; Divests Stake in KCTL

Adani Enterprises has signed agreements with MetTube Mauritius to establish a joint venture in copper tube manufacturing. The deal includes a 50% stake swap between their respective subsidiaries Kutch Copper Tubes Ltd. and MetTube Copper India Pvt. Ltd to enhance domestic production.

Adani and MetTube: Structure of the Transaction

Adani Enterprises Limited executed a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) with MetTube Mauritius Private Limited on July 24, 2025. As per the transaction terms:

• Adani will divest a 50% stake in Kutch Copper Tubes Ltd. (KCTL), currently its wholly owned subsidiary, to MetTube.
• In return, Adani will acquire a 50% stake in MetTube Copper India Pvt. Ltd. (MCIPL), a wholly owned MetTube subsidiary operating near Ahmedabad.

Following this arrangement, both entities will hold equal ownership and have joint rights to governance and operational decisions within KCTL and MCIPL.

Strategic Rationale and Market Relevance

The partnership aims to create a balanced joint venture that utilises Adani's infrastructure development experience and MetTube’s expertise in copper tube manufacturing. The transaction is expected to support India’s goal of reducing import dependency in key components for HVAC, plumbing, and industrial sectors.

The copper tubes produced will be used in a variety of applications, including air conditioning, refrigeration, and smart city infrastructure, sectors that are seeing increased demand due to urbanisation and energy-efficiency initiatives.

Governance, Rights, and Disclosures

According to disclosures by Adani Enterprises under SEBI’s Listing Obligations and Disclosure Requirements, the agreement grants:

• Equal representation on the boards of KCTL and MCIPL
• Equal rights to participate in any future capital issuance
• Mutual consent requirement for changes to capital structure or geographic operations

The companies confirmed that this is not a related party transaction, and there is no share issuance involved at the time of execution.

Adani Enterprises Share Price Performance

Adani Enterprises Limited shares were trading at ₹2,612.70 at 9:30 AM on the NSE, marking a modest gain of ₹4.30 or 0.16% from the previous close of ₹2,608.40. The stock opened slightly lower at ₹2,605.00 but quickly recovered, reaching an intraday high of ₹2,617.00 and a low of ₹2,594.50.

Read More: Adani to Build ₹1 Million Tonne PVC Plant in Gujarat to Take on Reliance by 2028.

Conclusion

The joint venture between Adani Enterprises and MetTube reflects a collaborative approach to expand domestic manufacturing in the copper tube segment. With a shared focus on operational efficiency and import substitution, the agreement aligns with broader industrial policy goals, while maintaining balanced ownership and oversight.

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