Khaitan & Co advised the MetTube Group (including MetTube Mauritius and MetTube Copper India) in its 50:50 joint venture arrangement with Adani Enterprises Ltd for the copper tubes business. Under the agreements, Adani Enterprises will divest a 50% stake in its wholly owned subsidiary, Kutch Copper Tubes Ltd, to MetTube.
Additionally, Adani Enterprises will invest 50% in MetTube Copper India Pvt Ltd, which is a wholly owned subsidiary of MetTube. Post-transaction, AEL and MetTube shall hold 50% each in Kutch Copper and MetTube Copper India.
The Firm role involved: (i) negotiating, drafting, and reviewing term sheet/MOU, transaction documents and ancillary documents; (ii) conducting limited legal due diligence on KCTL; (iii) assisting with the execution of transaction documents; (iv) PLI approval assessment; and (v) competition law assessment.
The deal team was assisted by:
Competition / Antitrust: Anshuman Sakle (Partner) and Siddharth Bagul (Principal Associate)
Indirect Tax: Kabir Bogra (Partner), Laksh Manocha (Senior Associate)
Real estate: Amit Wadhwani (Partner)
Corporate and commercial Rishika Jain (Associate)
The core team consisted of Ashraya Rao (Partner), Saswat Subasit (Partner), Ritika Vardhan (Counsel), Sheldon Dsouza (Principal Associate), Hansaja Pandya (Senior Associate) and Sanjana Dwivedi (Associate).