Ahmedabad (Gujarat) [India], December 23 (ANI): Adani Defence Systems and Technologies Limited (ADSTL), a wholly owned subsidiary of Adani Enterprises, has executed a Share Purchase Agreement (SPA) to acquire an 85.8 per cent stake in Air Works India (Engineering) Pvt. Ltd (AWIEPL).

According to ADSTL, the transaction, signed on December 23, 2024, is valued at an enterprise value of Rs400 crore. This acquisition is a key step in Adani Defence's strategy to expand its presence in the growing maintenance, repair, and overhaul (MRO) sector.

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The agreement was finalized between ADSTL, AWIEPL, and its existing shareholders, marking a transformative development for Adani's expansion into the MRO services for the aviation sector.

Air Works India, a leading player with over seven decades of experience in civil and defence aircraft maintenance, will now become an integral part of Adani Defence's broader aerospace and defence portfolio.

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This acquisition is expected to significantly enhance Adani's capabilities in the Indian and global aerospace markets, particularly given the rising demand for MRO services in India.

Under the terms of the agreement, ADSTL will acquire 85.8 per cent stake in AWIEPL, with the cost of acquisition pegged at Rs400 crore.

The deal is not categorized as a related party transaction, and the terms comply with the Securities and Exchange Board of India (SEBI) regulations.

The acquisition will provide ADSTL with enhanced control over AWIEPL, including the right to appoint directors and influence key strategic decisions such as share issuance and changes to the company's capital structure.

The acquisition also reinforces Adani Group's commitment to the Make in India initiative, focusing on building indigenous capabilities in high-value sectors like aerospace and defence.

With this move, Adani Defence is poised to enhance its position in the aerospace industry, leveraging Air Works India's established market presence and operational experience.

The company disclosed the details of the transaction to stock exchanges on December 23, 2024, ensuring compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations. (ANI)

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