Adani Defence to Acquire Majority Stake in Air Works for Rs 400 Cr

24 Dec 2024 CW Team

Adani Defence & Aerospace, a subsidiary of Adani Enterprises, has signed an agreement to acquire an 85.8 per cent stake in Air Works, India’s largest private-sector aircraft maintenance, repair, and overhaul (MRO) company, for Rs 4 billion.

The existing shareholders of Air Works include Punj Lloyd, GTI Capital, and the Menon family. Ravi S Menon, a member of the founding family, is currently serving as a director on the company’s board.

Ashish Rajvanshi, the Chief Executive Officer of Adani Defence & Aerospace, stated that the acquisition marks a crucial step in the company’s mission to strengthen India’s MRO capabilities. He emphasised that their vision is to offer a comprehensive MRO service covering line, base, component, and engine maintenance to meet the needs of both commercial and defence aviation sectors. He also highlighted the commitment to scaling domestic capabilities to serve the armed forces and the broader aviation sector, especially as self-reliance in defence becomes a national priority.

Air Works operates in 35 cities, with major facilities in Hosur, Mumbai, and Kochi, employing over 1,300 personnel. The company provides commercial aircraft line and base maintenance services, in addition to offering maintenance for the Indian Navy's Boeing P-8I maritime surveillance aircraft and landing gear services for the Indian Air Force’s Boeing 737 aircraft.

Jeet Adani, Director of Adani Airports Holdings, remarked that establishing a presence in the MRO sector is not just a strategic move but a commitment to creating an integrated aviation services ecosystem that will bolster India’s aviation infrastructure.

The acquisition is expected to significantly enhance Adani Group's airport operations. Adani Airport Holdings currently holds a controlling stake in Mumbai International Airport and Navi Mumbai International Airport, and operates six other airports in Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, Mangaluru, and Guwahati.

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