Adani Group firm Adani Enterprises on Wednesday in a stock exchange filing said that its wholly-owned subsidiary, Kutch Copper Ltd (KCL), has completed the incorporation of a joint venture (JV) company, Praneetha Ecocables Ltd (PEL).
This has been done in partnership with Praneetha Ventures Private Ltd and KCL shall hold 50% equity share capital of PEL, the firm said in a statement.
The joint venture was incorporated on March 19, 2025, with an authorized and paid-up capital of Rs 10 lakh, divided into 1,00,000 equity shares of Rs 10 each.
PEL has been formed as it aligns with Kutch Copper’s expansion plan which will strengthen its presence in the metal and cable manufacturing sector. Additionally, the objects and effects of acquisition are manufacturing, marketing, distribution, buying and selling of metal products, cables and wires, the statement said.
After Adani Enterprises made this announcement, electrical product manufacturers suffered a significant crash on Thursday, as their stock prices tumbled down by up to 14%.
The shares of Polycab India declined by upto 9.5% in intraday trading. Early in the day, the firm’s share price also plummeted by around 9.6% on the NSE.
Among others, Havells India, RR Cables, as well as KEI, also observed declining stocks. KEI’s shares crashed by up to 14%, while Havells tumbled by more than 5% during intraday trading. RR Cables faced a decline of nearly 5% in trading.
Existing players in the industry are concerned due to this development.
