Adani Enterprises Limited (AEL) has expanded its infrastructure portfolio by incorporating two new subsidiaries for different projects.

Munger Sultanganj Road Limited (MSRL)

On November 03, 2023, AEL incorporated a wholly owned subsidiary named Munger Sultanganj Road Limited (MSRL). Key details include:

MSRL's primary objective is to develop, maintain, and manage the construction of Ganga Path connecting Munger (Safiabad)-Bariyarpur-Ghorghat-Sultanganj Road in Bihar state on Hybrid Annuity Mode.

Morsagar Bisalpur Water Limited (MBWL)

In a separate development, AEL has also incorporated Morsagar Bisalpur Water Limited (MBWL) on November 3, 2023. Key details include:

MBWL's primary objective is to design, finance, develop, construct, operate, and maintain the Mor Sagar Artificial Reservoir and its feeder from Bisalpur in Rajasthan. This project will be executed under a Hybrid Annuity Model.

Strategic Implications

1. Diversification: These moves represent AEL's strategic expansion into various infrastructure sectors, potentially opening up new revenue streams.

2. Public-Private Partnership: The use of the Hybrid Annuity Model in both projects suggests a collaborative approach with government entities, which could lead to more stable, long-term projects.

3. Regional Development: While MSRL focuses on road infrastructure in Bihar, MBWL aims to improve water resource management in Rajasthan, addressing critical infrastructure needs in different parts of India.

4. Partnership Strategy: The involvement of Cemindia Projects Limited as a minority stakeholder in MBWL brings additional expertise to the water infrastructure project.

These developments underscore Adani Enterprises' commitment to diversifying its portfolio and contributing to critical infrastructure projects across India.

Adani Enterprises Limited (AEL) has completed a significant restructuring of its copper tubes business, involving dual transactions with MetTube Mauritius Private Limited. The move, finalized on November 1, 2025, aims to create synergies between the Adani and MetTube groups, potentially reducing India's dependence on copper tube imports.

Key Transaction Details

Financial Snapshot

Strategic Implications

The restructuring is expected to leverage the expertise of both Adani and MetTube groups to expand and scale up the copper tube business. This strategic move aligns with India's self-reliance goals by potentially reducing the country's dependence on copper tube imports.

Transaction Timeline

• July 24, 2025: Share Purchase Agreement (SPA) and Shareholders Agreements (SHA) executed
• November 1, 2025: Completion of transactions

Regulatory Compliance

The transactions have been carried out in compliance with SEBI Listing Regulations and relevant circulars. Neither transaction falls under related party transactions, ensuring arm's length dealings.

This corporate action by Adani Enterprises demonstrates the company's strategic approach to business restructuring and its commitment to contributing to India's manufacturing capabilities in the copper tubes sector. As the joint ventures take shape, the market will be watching closely to see how this restructuring impacts the company's performance and the broader copper tube industry in India.