Adani Enterprises announced that its wholly owned subsidiary, Kutch Copper Limited (KCL), has divested its entire 50% stake in Praneetha Ecocables Limited (PEL) on March 2, 2026. Consequently, PEL is no longer a Joint Venture of KCL. The sale generated a consideration of Rs. 5 Lakhs for KCL’s 50,000 shares in PEL. The buyer, Praneetha Ventures Private Limited (PVPL), now holds 100% of PEL.
Divestment of Joint Venture Stake Completed
Adani Enterprises Limited has officially informed the stock exchanges regarding the divestment by its subsidiary, Kutch Copper Limited (“KCL”). KCL completed the sale of its entire 50% stake in Praneetha Ecocables Limited (“PEL”) on March 2, 2026. This transaction concludes the joint venture arrangement, as PEL has now ceased to be a JV of KCL.
Key Transaction Details
The required disclosures detail the financial standing of the divested unit as of the last reporting date:
- Income (as on March 31, 2025): Nil
- Net Worth (as on March 31, 2025): Nil
The sale agreement execution date was Not applicable, as the completion date was March 2, 2026.
Sale Consideration and Buyer Information
The consideration received by KCL for the sale of its 50% stake (50,000 shares) in PEL amounted to Rs. 5 Lakhs.
The buyer details are as follows:
- Buyer Name: Praneetha Ventures Private Limited (“PVPL”).
- Post-Transaction Holding: PVPL will now hold 100% stake in PEL.
- Relationship Status: PVPL is noted as a related party of KCL. The transaction was executed on an arm’s length basis.
- Promoter Group Affiliation: PVPL does not belong to the Promoter / Promoter Group of Adani Enterprises. Both PVPL and PEL are described as part of business adjacencies and the ecosystem supporting other Adani Enterprises Limited businesses.
The divestment was confirmed to be Not Applicable concerning any Scheme of Arrangement or slump sale disclosures.
Source: BSE
