(MENAFN- IANS) Ahmedabad, Dec 23 (IANS) Adani Defence & Aerospace announced on Monday that it has signed a binding agreement to acquire Air Works, India's largest private-sector maintenance, repair, and overhaul (MRO) company, for an enterprise value of Rs 400 crore.
"Adani Defence Systems & Technologies Ltd (ADSTL) has signed a share purchase agreement to acquire 85.8 per cent shareholding in Air Works India (Engineering) Private Ltd," a company statement said.
Air Works undertakes base maintenance for narrow-body 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 the Indian Navy and Indian Air Force, the statement said.
"The acquisition enhances the Adani Group's capabilities in the defence MRO sector, solidifying its position in India's airborne defence ecosystem," the statement said
This strategic move marks a pivotal step in Adani Group's growth trajectory, laying the foundation for its expansion into the civil aviation services domain, it added.
With operations spanning 35 cities and a workforce of over 1,300 personnel, Air Works brings extensive expertise in servicing both fixed-wing and rotary-wing aircraft.
The MRO company 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, according to the statement.
"The Indian aviation industry stands at a transformative juncture, now the third largest globally and on track to induct over 1,500 aircraft in the coming years," said 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."
Adani Defence & Aerospace CEO Ashish Rajvanshi said: "This landmark acquisition represents a pivotal step in Adani Defence & Aerospace's mission to strengthen India's MRO capabilities."
"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."
Adani Defence & Aerospace, part of the Adani Group, is a pioneer in the design, development, and manufacturing of state-of-the-art defence products. The company has also established an ecosystem of start-ups and MSMEs with an export-oriented mindset, best-in-class processes, and quality management systems, the company statement added.
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