In a strategic move aimed at expanding its business portfolio, Kutch Copper Limited (KCL) has partnered with Praneetha Ventures Private Limited to establish a joint venture company, Praneetha EcoCables Limited (PEL). This new entity will focus on the manufacturing, marketing, distribution, buying, and selling of metal products, cables, and wires.

Key Highlights of the Joint Venture

• Shareholding Structure: The joint venture has been formed with an equal shareholding of 50:50 between Kutch Copper Limited and Praneetha Ventures Private Limited.

• Authorized and Paid-up Capital: PEL has an authorized and paid-up share capital of Rs. 10,00,000, divided into 100,000 equity shares of Rs. 10 each.

• Business Status: The company has been incorporated but is yet to commence business operations.

Industry and Business Objectives The joint venture aims to leverage the strengths of both partners to create a strong presence in the metal products and cables sector. With the demand for high-quality cables and wires increasing across various industries, this partnership is strategically positioned to cater to market needs efficiently.

Regulatory and Financial Aspects

• This acquisition does not fall under related party transactions.

• There are no governmental or regulatory approvals required for the incorporation of this joint venture.

• The joint venture is not engaged in any acquisition activity, and KCL will hold 50% of the equity share capital of PEL.

Business Prospects and Future Growth With India's rapid industrial growth and infrastructure expansion, the demand for high-quality cables and metal products is expected to rise significantly. Praneetha EcoCables Limited aims to tap into this demand by offering superior products and establishing a strong distribution network. The joint venture is expected to play a crucial role in supporting industrial and commercial projects with reliable metal products and cables.

For more updates on the latest IPOs and stock market news, visit Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi.

Stay Updated with Stock Market Insights Join our Trading with CA Abhay Telegram Channel for expert stock market trading and investment calls by CA Abhay Varn - SEBI Registered Research Analyst. Also, stay informed about the latest share market, business news, and IPO updates by joining Finance Saathi Telegram Channel.

Start Your Stock Market Journey Today! Open a free Demat Account and apply for IPOs with Choice Broking FinX to start your investment journey seamlessly.