Adani Defence & Aerospace, a wholly-owned subsidiary of Adani Enterprises, has signed a binding agreement to acquire an 85.8% shareholding in Air Works, India’s largest private-sector maintenance, repair, and overhaul (MRO) company, with operations spanning 35 cities.
“We would like to inform you that Adani Defence Systems and Technologies Limited (ADSTL), a wholly-owned subsidiary of the company, has executed a share purchase agreement (SPA) on 23rd December 2024 with Air Works India (Engineering) Pvt. Ltd (AWIEPL) and existing shareholders of AWIEPL, to acquire 85.8% stake in AWIEPL,” according to the BSE filing.
The cost of acquisition will be at an enterprise value of ₹400 crore, the company said in an exchange filing on Monday, December 23.
“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,” said Jeet Adani, the director of Adani Airports in an official statement.
Adani also highlighted that the Indian aviation industry is poised to witness the delivery of more than 1,500 aircraft in the coming years. Positioning the new acquisition move towards the goal of “creating unprecedented opportunities in aviation services” for the company.
“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,” said Ashish Rajvansahi, the chief executive officer of Adani Defence and Aerospace in a statement.
Adani’s flagship company, Adani Enterprises, shares closed 0.13 per cent lower at ₹2,341.95 after Monday’s trading session, compared to ₹2,344.90 at the previous market close. The announcement of the acquisition came close towards the end of the market operating hours on December 23.
About the company
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. With a workforce of 1,300 employees, Air Works has extensive expertise in servicing both fixed-wing and rotary-wing aircraft.
Adani Defence and Aerospace is a company that designs, develops, and manufactures defence products in India. The company has established an export-oriented mindset along with an ecosystem for startups and MSMEs in the sector, according to the statement.
