Adani Enterprises’ wholly owned subsidiary, Adani Defence
Systems and Technologies (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 narrow-body
and turboprop aircraft, as well as rotary aircraft, from its facilities at
Hosur, Mumbai, and Kochi, with regulatory approvals from civil aviation
authorities in 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 the Indian Navy and Indian Air Force. The
cost of acquisition would be at an enterprise value of Rs 400 crore.
Adani Enterprises is the flagship company of Adani Group, one of India’s largest business organisations.
Source: Ace Equity
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