Khaitan & Co advised MetTube Group on its joint venture arrangement with Adani Enterprises for the copper tubes business
Khaitan & Co advised the MetTube Group (including MetTube Mauritius and MetTube Copper India) in its 50:50 joint venture arrangement with Adani Enterprises Limited for the copper tubes business. Under the agreements, Adani Enterprises will divest a 50% stake in its wholly owned subsidiary, Kutch Copper Tubes Limited, to MetTube. Additionally, Adani Enterprises will invest 50% in MetTube Copper India Private Limited, which is a wholly owned subsidiary of MetTube. Post-transaction, Adani Enterprises and MetTube will each hold 50% in Kutch Copper Tubes Limited and MetTube Copper India.
Khaitan & Co’s role included:
- (a) Negotiating, drafting, and reviewing the term sheet/MOU, transaction documents and ancillary documents;
- (b) Conducting limited legal due diligence on KCTL;
- (c) Assisting with execution of transaction documents;
- (d) Assessing eligibility under the Production Linked Incentive (PLI) scheme; and
- (e) Advising on competition law aspects.
The core Khaitan & Co team advising on this transaction included Ashraya Rao (Partner), Saswat Subasit (Partner), Ritika Vardhan (Counsel), Sheldon Dsouza (Principal Associate), Hansaja Pandya (Senior Associate) and Sanjana Dwivedi (Associate), with additional support from Anshuman Sakle (Partner) and Siddharth Bagul (Principal Associate) on competition law; Kabir Bogra (Partner) and Laksh Manocha (Senior Associate) on PLI aspects; Amit Wadhwani (Partner) on real estate; and Rishika Jain (Associate) on corporate aspects.
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