Adani enters cables & wires business

Adani Enterprises (AEL), the flagship company of Adani Group, has announced the incorporation of a new joint venture company, Praneetha Ecocables Limited (PEL), through its wholly owned subsidiary, Kutch Copper Limited (KCL).

PEL, the newly incorporated company registered in Ahmedabad, Gujarat, will focus on manufacturing, marketing, distribution, buying and selling of metal products, cables and wires.

PEL has an authorized and paid-up share capital of Rs 10 lakh. As part of the agreement, KCL will hold a 50% equity share capital of PEL, the AEL announced in an exchange filing.