Adani Enterprises' Copper Arm Incorporates Eco Cable JV With Praneetha Ventures
Kutch Copper Ltd. reported that it had completed the incorporation of Praneetha Ecocables Ltd., a joint venture company with Praneetha Ventures Pvt., on Wednesday, according to an exchange filing posted on the same day to NSE and BSE.
Kutch Copper is a wholly owned subsidiary of Adani Enterprises Ltd.
The shareholding ratio for the joint venture is 50:50, divided between Praneetha Ventures and Kutch Copper. The authorised and paid-up share capital is Rs 10 lakh, divided into 100,000 equity shares worth Rs 10 each.
The objects and effects of the acquisition include manufacturing, marketing, distributing and selling metal products, cables and wires.
Praneetha Ecocables was incorporated in India and registered with the Registrar of Companies, Ahmedabad.
Kutch Copper had also announced on Sunday that it had joined has joined the International Copper Association as its newest member.
Big Plans For Kutch Copper
Adani Enterprises, through its subsidiary Kutch Copper, is establishing a cutting-edge copper smelter in Mundra, Gujarat. The initial investment of approximately $1.2 billion will enable an annual production capacity of 0.5 million tonnes in the first phase. The facility will manufacture copper cathodes, rods, and other byproducts, significantly contributing to India's ambition of self-sufficiency in copper production.
Headquartered in Washington, D.C., the International Copper Association is a non-profit trade organization that represents a significant portion of the global copper industry. With 33 member companies spanning six continents, the association accounts for approximately half of the world's total copper production.
Kutch Copper's advanced facility will have a diversified product portfolio, including copper cathodes, rods, and various byproducts. This will play a crucial role in supporting India's ambition to achieve self-sufficiency in copper production.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd, an Adani Group Company.
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