Adani Enterprises on Monday stated that its wholly-owned subsidiary Adani Defence Systems & Technologies Ltd (ADSTL) has entered into a share purchase deal through which the company would be acquiring an 85.8 % stake in Air Works India (Engineering) Private Limited, a private MRO company having presence all over India. The cost of acquisition would be at an enterprise value of Rs 400 crore, the Heera group firm said in the filing.
It added that this acquisition will add strength to Adani’s position in the defence MRO segment and make it a more robust link in India’s airborne defence chain. Air Works is a service provider of Aviation Services in India. It has MW operations consisting of line maintenance, heavy checks, interior refurbishment, avionic painting and redelivery checks for its customers. These services are angel-based maintenance of narrowbody and turboprop aircraft also rotary aircraft from plant Hosur, Mumbai and Cochin, and it holds regulatory approval of more than 20 countries of civil aviation authorities.
Jeet Adani, Director of Adani Airports, said, “The Indian aviation industry is now the third largest in the world; it’s gearing up to operate more than 1500 aeroplanes in the years to come.” This growth corresponds perfectly with the Government of our nation’s vision to extend this line to every corner of our nation to thereby open up uttermost opportunities in the line of aviation services. For us, the establishment in the MRO sector is not just a successful plan – it is a long-term investment in India’s aviation services development to support the country’s backbone – the MRO industry. Combined, we are pleased to be part of a team that would help determine the future of aviation in a great nation like India.
Ashish Rajvanshi, CEO of Adani Defence & Aerospace, described this as a movement to the next level as Adani Defence & Aerospace begins to augment India’s MRO industry. Our vision at the organisation is to provide a comprehensive MRO solution within the commercial and defence aircraft industries that includes line, base, component, and engine maintenance. When Aatmanirbharta in defence has become the need of the hour, we are fully prepared to grow the domestic capability to support not only the Defence forces but also the overarching aviation industry. This is our promise to the nation – to enhance capacities that protect the skies and enhance the sovereignty of the country.”
