Adani Enterprises to form equal JV with MetTube for copper tubes; divests 50% stake in KCTL

Billionaire Gautam Adani-led group's flagship firm, Adani Enterprises Ltd (AEL) on Thursday (July 24) announced that it has entered into a share purchase agreement (SPA) and shareholders agreement (SHA) with MetTube Mauritius Private Limited (MetTube) to form an equal joint venture in the copper tubes segment.

As part of the transaction, Adani Enterprises will divest a 50% stake in its wholly-owned subsidiary, Kutch Copper Tubes Limited (KCTL), to MetTube. Post-transaction, KCTL will no longer remain a subsidiary of Adani Enterprises, with both AEL and MetTube holding 50% each.

Simultaneously, Adani Enterprises will acquire a 50% stake in MetTube Copper India Private Limited (MCIPL), currently a wholly-owned subsidiary of MetTube. MCIPL operates a copper tube plant near Ahmedabad, Gujarat. Following the completion of the transaction, both companies will hold equal ownership in MCIPL as well.

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The collaboration aims to significantly reduce India’s reliance on imported copper tubes by leveraging Adani’s infrastructure strengths and MetTube’s global expertise in copper manufacturing.

MetTube, part of the diversified Metdist Group, brings decades of experience in producing high-performance copper tubes, while Adani Enterprises has built advanced manufacturing infrastructure in Mundra, Gujarat, including a greenfield copper tube facility under KCTL.

The partnership is positioned to deliver next-generation solutions for the heating, ventilation, and air conditioning (HVAC) industry and contribute toward India's energy efficiency and carbon reduction goals.

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

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The alliance leverages Adani’s forward-integrated copper ecosystem — anchored by its 0.5 MTPA copper refinery project in Mundra — and MetTube’s global manufacturing and marketing expertise.

This synergy will enable scale and speed in copper tube production, besides supporting India’s green infrastructure goals by supplying high-performance copper tubes for HVAC, renewable energy, and smart construction applications.

Shares of Adani Enterprises Ltd ended at ₹2,608.70, down by ₹5.75 or 0.22%, on the BSE.

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