Adani Enterprises’ copper arm which is also known as the Kutch Copper Limited has recently incorporated Echo Cable JV with Praneetha Ventures. The objects and effects of the acquisition include manufacturing, distributing, marketing, and selling of metal products, cables and wires. This is yet another step taken up by the Adani group towards further diversifying its portfolio. The Adani Group already has multiple Adani coal mines across different corners. With this step, the Adani Group will be able to take its metal and mining business to new heights. It will also be able to enhance its copper mining capabilities and earn enhanced profitability from its business.
Kutch Copper Completes The Incorporation Of Praneetha Eco Cables Limited:
Kutch Copper Limited which happens to be the copper manufacturing wing of the Adani Group has recently completed the incorporation of Praneetha Eco Cables Limited which is a joint venture company with Praneetha Ventures Limited. Kutch Copper is the wholly-owned subsidiary of the Adani Group’s flagship company, Adani Enterprises. The shareholding ratio for the joint venture is 50:50 which is divided between Kutch Copper and Praneetha Ventures. The authorised and paid-up share capital is INR 10 lakhs. This is divided into 1,00,000 equity shares worth INR 10 each.
What Is The Main Reason Behind The Recent Acquisition?
Praneetha Eco Cables was incorporated in India. It was registered with the Registrar of Companies, Ahmedabad. The objects and effects of the acquisition involve manufacturing, distribution, marketing and selling of different types of metal products including cable and wires. With this acquisition, the Adani group will be able to take a new step towards further advancing the copper mining business alongside the Adani coal mines. It will also be able to attend to the growing demand for copper in the country.
Other Initiatives Taken Up By Kutch Copper To Enhance Its Copper Business:
Adani Enterprises, through its wholly-owned subsidiary, Kutch Copper, is currently in the process of developing a cutting-edge copper smelter in Mundra, Gujarat. The initial investment of this deal is around 1.2 billion USD. It will enable an annual production capacity of 0.5 million tons during the first phase. The facility will manufacture copper rods, cathodes, and other by-products. This will help contribute to India’s aim of becoming self-reliant in terms of its copper needs. It will also help in India’s economic growth and prosperity.
Kutch Copper also has various other highly advanced facilities under its name with a diversified product portfolio. This allows it to manufacture different products and by-products of copper. The company’s extraordinary infrastructure will also have a big role to play in further increasing its copper manufacturing capability. We will no longer have to depend on exports in order to ensure that the country’s growing copper demands are addressed.
Kutch Copper Becomes The Newest Member Of International Copper Association:
Kutch Copper has announced that it has joined the International Copper Association as its newest member. This highlights the Adani Group’s enhanced plan for the copper mining business. The International Copper Association is a non-profit organisation which is headquartered in Washington DC. This body represents a significant portion of the global copper industry. The association currently has 33 member companies which span six continents. The association also accounts for approximately half of the world’s total copper production.
By becoming a member of the International Copper Association, the Adani Group will be able to further enhance its stature as one of the most reliable copper manufacturers in the country. The global business group will be able to earn an enhanced reputation for itself in the copper manufacturing sector. It will also be able to remain aware of the various latest trends and technologies in copper manufacturing. The business group will also be able to increase its copper business and further contribute to its business profitability.
Conclusion:
By forming a joint venture with Praneetha Ventures, the Adani Group aims to give its copper business an extraordinary boost. The global business group aims to address our country’s growing demand for copper. It also plans on bringing synergies in its various businesses which are directly dependent on copper like the renewable energy business. With this unique initiative, the global business group will also be able to put aside the various controversies of Adani coal mines which have been ongoing for quite a while now.
