Adani Defence Systems & Technologies Ltd (ADSTL) is buying an 85.8% stake in Air Works India (Engineering) Pvt Ltd, the country's largest private sector aircraft maintenance, repair, and overhaul (MRO) company, for an enterprise value of ₹400 crore. ADSTL, a wholly-owned subsidiary of Adani Enterprises, signed a share purchase agreement for the transaction.
This acquisition is aimed at enhancing Adani Defence's presence in the aviation sector and expanding its capabilities in both civil and defence MRO services, according to a regulatory filing on Monday by Adani Enterprises, the group flagship.
"The Indian aviation industry is now the third largest globally and is set to induct over 1,500 aircraft in the coming years. For us, entering the MRO sector is a strategic step to build an integrated aviation services ecosystem and strengthen India's aviation infrastructure," said Jeet Adani, director of Adani Airports.
Adani Defence first announced in October 2022 its plan to acquire Air Works.
Air Works offers a large suite of aviation services including aircraft line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics, and asset management. The company operates base maintenance facilities for narrowbody and turboprop aircraft, as well as rotary aircraft, in Hosur, Mumbai, and Kochi.
Air Works holds regulatory approvals for aircraft maintenance from civil aviation authorities in more than 20 countries.
We use cookies to ensure you get the best experience on our website. Read more...
