Adani Defence Systems & Technologies Ltd. (ADSTL) has signed a share purchase agreement to acquire 85.8% shareholding in Air Works, India's largest private sector MRO company with the largest pan-India footprint.
Air Works offers an end-to-end bouquet of aviation services spanning line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics as well as asset management services to its Indian and global customers. The company undertakes base maintenance for narrowbody and turboprop aircraft, as well as rotary aircraft from its facilities at Hosur, Mumbai and Kochi and with regulatory approvals from civil aviation authorities of more than 20 countries.
In addition to being a market leader in civil aviation, Air Works has built significant capabilities in defence MRO, executing projects for key platforms of Indian Navy and Indian Air Force.
"The Indian aviation industry stands at a transformative juncture, now the third largest globally and on track to induct over 1,500 aircrafts in the coming years," said Mr. Jeet Adani, Director, Adani Airports. "This growth aligns seamlessly with the Government's vision to connect every corner of our nation, creating unprecedented opportunities in aviation services. For us, creating a presence in the MRO sector is more than just a strategic step-it's a commitment to building an integrated aviation services ecosystem that strengthens the backbone of India's aviation infrastructure. Together, we are excited to play a pivotal role in shaping the future of India's skies."
"This landmark acquisition represents a pivotal step in Adani Defence & Aerospace's mission to strengthen India's MRO capabilities," said Mr. Ashish Rajvanshi, CEO, Adani Defence & Aerospace. "Our vision is to deliver a full-spectrum MRO offering-spanning line, base, component, and engine maintenance-to meet the needs of both commercial and defence aviation sectors. In a time when Aatmanirbharta in defence is a national imperative, we stand fully committed to scaling domestic capabilities to serve both our armed forces and the broader aviation sector. This is our pledge to the nation-to build capabilities that secure our skies and strengthen our sovereignty."
Shares of Adani Enterprises Limited was last trading in BSE at Rs. 2341.95 as compared to the previous close of Rs. 2344.90. The total number of shares traded during the day was 30348 in over 2526 trades.
The stock hit an intraday high of Rs. 2380.50 and intraday low of 2334.45. The net turnover during the day was Rs. 71393846.00. |
