On Tuesday, the multibillion-dollar Adani Group announced that it would acquire Air Works, one of India’s largest and most diverse aircraft Maintenance, Repair, and Overhaul (MRO) companies, as part of its expanding defence portfolio.
Adani Defence Systems and Technologies Ltd (ADSTL) announced the signing of a merger agreement to acquire Air Works, which has one of the most extensive pan-India presences across 27 cities, for Rs 400 crore.
“Given India’s growth trajectory and the government’s focus to network the nation through a massive mesh of air connectivity, it is inevitable that the primary growth of India’s airline and airport sector lies ahead of it,” Ashish Rajvanshi, CEO of Adani Defence & Aerospace, the defence manufacturing arm of the $250 billion-plus Adani Group, said in a statement.
Further, he said, “Therefore, the MRO sector has a crucial role to play in both the defence and civilian aerospace sectors. Add to this the ongoing modernisation programme to make India a large market for defence aircraft, and what emerges is one of the most exciting, comprehensive, scale and digital MRO services within the boundaries of the nation.”
Air Works’ acquisition is one of many acquisitions Adani Group has made in recent years. Adani Defence & Aerospace, the company’s defence and aerospace arm, has also formed a partnership with Israeli firm Elbit Systems. Through this joint venture, the company hopes to secure multiple contracts with the Indian armed forces for drone and counter-drone requirements, as well as loitering munitions.
Also read – Gautam Adani Bought Israel’s Haifa Port For Rs 9422 Crore.
PLR Systems, a joint project with the Israeli Arms Industry, had been acquired by the Adani Group (IWI). The Adani Group hopes to fulfil the various requirements of the Indian armed and law enforcement in the small arms segment, including sniper rifles and assault rifles, through this venture. Another significant Adani Group acquisition was Bengaluru-based Alpha.
The post Adani Group Acquires One Of India’s Biggest Aviation Company appeared first on Trade Flock.
