Adani Enterprises Subsidiary Inks MoU with Caravel Minerals for Australian Copper Project

Adani Enterprises Ltd's subsidiary, Kutch Copper Ltd, has taken a significant step towards expanding its copper operations globally. The company has signed a non-binding memorandum of understanding (MoU) with Caravel Minerals Ltd for a strategic collaboration on the Caravel Copper Project in Western Australia's Murchison region.

Key Highlights of the Partnership

Collaboration Framework: The MoU establishes an exclusive framework for negotiating a life-of-mine offtake agreement.
Offtake Potential: The agreement could cover up to 100% of Caravel's copper concentrate output.
Expected Production: Annual payable copper production is estimated at 62,000 to 71,000 tonnes in the early years.
Project Timeline: The partnership aims to accelerate project development towards a Final Investment Decision in 2026.

Caravel Copper Project Details

Aspect	Details
Location	150 km northeast of Perth, Western Australia
Estimated Copper Reserves	1.3 million tonnes of payable copper
Potential Mine Life	Exceeding 25 years
Forecast All-in Sustaining Cost	$2.07 per pound
Initial Capital Expenditure Required	1.7 billion Australian dollars

Strategic Implications

Supply Chain Integration: The concentrate from the Caravel Copper Project is expected to supply Kutch Copper's $1.2 billion copper smelter in Gujarat, India.
Investment Opportunities: Kutch Copper has been granted first rights to participate in direct equity or project-level investments.
Financing Progress: Discussions for project financing are advancing with top-tier banks, including solutions backed by Export Credit Agencies.

This strategic partnership marks a significant move for both Adani Enterprises and Caravel Minerals. It not only secures a potential long-term supply of copper concentrate for Adani's operations in India but also provides Caravel with a pathway to accelerate the development of its Australian copper project.

The collaboration comes at a time when global demand for copper is expected to rise, driven by the growing renewable energy sector and electric vehicle industry. This partnership could position both companies to capitalize on these market trends while contributing to the development of critical mineral resources.

As the agreement is currently non-binding, stakeholders will be keenly watching for further developments and the finalization of terms in the coming months.

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Adani Enterprises Limited (AEL) has outlined an ambitious capital expenditure plan for the fiscal year 2026 and announced the incorporation of a new wholly-owned subsidiary, signaling significant expansion across multiple sectors.

Capex Plan Breakdown

During a recent conference call, AEL detailed its capital expenditure guidance for FY2026, totaling INR 36,000 crores. The company plans to allocate this substantial investment across various sectors:

Sector	Capex Allocation (INR Crores)
Airports	10,500
Roads	6,000
Materials/Petrochemicals	9,000
Metals and Mining	3,000-3,500
Adani New Industry	5,500

Operational Guidance

AEL expects to maintain a solar manufacturing run rate of 1.2 gigawatt per quarter, underlining its commitment to renewable energy. The company also indicated that revenue generation from city side development is anticipated to commence in FY2029-30.

New Subsidiary Incorporation

In a separate development, AEL has incorporated a new wholly-owned subsidiary named "Brahmani Barrage Water Limited" (BBWL) on November 5, 2025. This strategic move is aimed at expanding the company's presence in infrastructure development and water resource management.

Key details of the new subsidiary include:

Subscribed Capital: INR 1,00,000 divided into 10,000 equity shares of INR 10 each
Primary Objective: To construct the Brahmani Barrage across the Brahmani River near Shripura, Tehsil Rawatbhata, District Chittorgarh, Rajasthan under the Hybrid Annuity Model
Scope: Construction, operation, and maintenance of the barrage

The incorporation of BBWL aligns with AEL's diversification strategy and its focus on infrastructure projects. This move could potentially open up new revenue streams for the company in the water management sector.

Adani Enterprises continues to demonstrate its commitment to growth across various sectors, from traditional infrastructure to renewable energy. The substantial capex plan and the formation of the new subsidiary reflect the company's strategic vision for long-term expansion and diversification.