Adani-Mettube Partnership.
Adani and MetTube Forge Partnership to Boost India’s Copper Tube Production: New Delhi – The Adani Group has announced a strategic partnership with MetTube, a move designed to significantly enhance domestic copper tube manufacturing in India. The collaboration involves a dual investment structure, with Adani divesting a stake in its subsidiary and simultaneously acquiring a stake in a MetTube subsidiary.
Under the agreement, Adani Group will divest 50% of its stake in Kutch Copper Tubes Limited, an Adani subsidiary, to MetTube Mauritius Pvt Limited. Concurrently, Adani will acquire a 50% stake in MetTube Copper India Private Limited, a MetTube subsidiary that operates a plant near Ahmedabad.
This dual investment ensures equal ownership and shared governance, aiming to co-create a future-ready copper tube business aligned with India’s vision for improved energy efficiency and reduced carbon emissions.
READ: Supreme Court Strips Allahabad High Court Judge Justice Prashant Kumar of Criminal Roster
The partnership is poised to leverage Adani’s extensive copper ecosystem, which includes a 0.5 million tonne copper refinery project in Mundra, and MetTube’s global expertise in precision copper tube manufacturing. The copper tubes produced will cater to critical sectors such as air conditioning, refrigeration, and plumbing, where demand is rapidly increasing due to urbanization and climate-responsive infrastructure needs.
Two prominent Indian law firms advised on this complex transaction:
Khaitan & Co acted as legal counsel for the MetTube Group. Their comprehensive role encompassed negotiating, drafting, and reviewing various transaction and ancillary documents, conducting limited legal due diligence on Kutch Copper Tubes Limited, assisting with the execution of agreements, and providing assessments on Production Linked Incentive (PLI) approval and competition law.
The core team from Khaitan & Co included Partners Ashraya Rao and Saswat Subasit, Counsel Ritika Vardhan, Principal Associate Sheldon Dsouza, Senior Associate Hansaja Pandya, and Associate Sanjana Dwivedi. They were supported by specialists in competition law, PLI schemes, real estate, and corporate aspects.
Cyril Amarchand Mangaldas (CAM) represented the Adani Group in the partnership. CAM’s responsibilities included drafting, reviewing, and negotiating various transaction documents, assisting with regulatory aspects, and facilitating the execution of relevant agreements. The transaction team was led by Partners Ramanuj Kumar (Co-Head – Projects (Energy and Energy Transition)) and Ravi Shah, with support from Senior Associate Arushi Bindal and Associate Rohil Kenue.
READ: Punjab & Haryana Bar Council to Probe Bench Hunting Allegations at High Court
Regulatory aspects were advised upon by Ramanuj Kumar and Partner Aiswarja Mohanty, along with Principal Associate Sumi Trivedi. Partner Vijay Pratap Singh Chauhan, supported by Senior Associate Ananya Mahant and Associate Rasmani Raghuwanshi, advised on the competition law aspects of the deal.
This strategic alliance is expected to significantly reduce India’s reliance on imported copper tubes and foster a robust domestic ecosystem for copper-based applications, contributing to the nation’s self-reliance goals.
READ: CCI Dismisses Bid-Rigging Allegations in Coal Block Auctions, Citing Lack of Evidence and Delay
