Adani Starts New Copper Tube Venture with MetTube!

Adani Enterprises Ltd (AEL) has entered into a share purchase and shareholders agreements with MetTube Mauritius Private Limited (MetTube),"

India's Adani Enterprises (ADEL.NS) said on Thursday it will divest 50% of its copper tubes business to MetTube while buying an equal stake in MetTube's Indian unit, in a bid to boost domestic copper tube production and reduce reliance on imports.

The companies will collaborate to produce copper tubes used for air conditioning, renewable energy, and smart construction applications. The dual investment structure will ensure equal ownership and shared governance, Adani Enterprises said in an exchange filing.

MetTube, a joint venture of Malaysia's Metdist and Japan's Mitsubishi Materials Corp , operates a plant in India that was commissioned in 2024.

Adani Enteprises has a $1.2 billion copper smelter, the world's biggest single-location plant of its type, in the western state of Gujarat. The two firms will collaborate to manufacture copper tubes used in air conditioning, renewable energy, and smart construction applications.

Under the agreement, Adani Enterprises will divest a 50 per cent stake in its wholly owned subsidiary, Kutch Copper Tubes Limited, to MetTube. Additionally, Adani Enterprises will invest 50 per cent in MetTube Copper India Private Limited, which is a wholly owned subsidiary of MetTube and operates a plant near Ahmedabad in Gujarat," the statement added.

Source- TheEconomicTimes