Mumbai:
Adani Defense and Aerospace, an Adani Group company, has entered into an agreement to acquire 85.8% stake in Air Works, India’s largest private sector maintenance, repair and overhaul (MRO) company. The total price of this acquisition has been fixed at Rs 400 crore. The company aims to create a comprehensive MRO service system that can meet the line, base, component and engine maintenance needs of both the commercial and defense sectors.
“Adani Defense Systems and Technologies Limited (ADSTL) has signed a share purchase agreement to acquire stake in Air Works, India’s largest private sector MRO company,” Adani Group said in a statement. The group said that this acquisition will increase its capabilities in the defense MRO sector. Its position in India’s air defense ecosystem will be strengthened. This strategic acquisition is an important step towards the growth of Adani Group. With this, this group will be able to expand in the aviation sector.
“This historic acquisition represents an important step in the company’s mission to enhance India’s MRO capabilities. Our vision is to meet the needs of both the commercial and defense aviation sectors,” Adani Defense & Aerospace Chief Executive Officer (CEO) Ashish Rajvanshi said in the statement. “To deliver a comprehensive MRO offering.”
Air Works provides comprehensive aviation services to its Indian and global customers including aircraft maintenance, intensive inspection, interior refurbishing, painting, refurbishing inspection, avionics as well as asset management services.
The company carries out maintenance of rotary aircraft as well as miniaturized and turboprop aircraft from its facilities located in Hosur, Mumbai and Kochi. It has received regulatory approval from civil aviation authorities of more than 20 countries of the world.
Air Works, a leader in civil aviation, has also developed significant capabilities in military MRO activities. It has also executed several projects for major platforms of the Indian Navy and Indian Air Force.
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