Mumbai, July 24 -- Billionaire Gautam Adani-led Adani Enterprises Ltd (AEL) on Thursday announced it has signed a share purchase agreement (SPA) and shareholders agreement (SHA) with MetTube Mauritius Private Limited (MetTube) to establish a 50:50 joint venture in the copper tubes segment, CNBCTV18 reported.

Under the deal, Adani Enterprises will divest a 50% stake in its wholly-owned subsidiary, Kutch Copper Tubes Limited (KCTL), to MetTube.

Following the transaction, KCTL will no longer remain a subsidiary of AEL, with both companies holding equal stakes.

The alliance is geared towards reducing India's dependence on imported copper tubes by combining Adani's infrastructure capabilities with MetTube's international manufacturing exper...