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.

Infrastructure Urban

13 Oct 2025

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

UPI Crosses 500 Million Users, Fuels MSME and Digital Growth

The Unified Payments Interface (UPI) has achieved a new milestone, surpassing 500 million consumers and 65 million merchants across India. The platform, developed by the National Payments Corporation of India (NPCI), has expanded its reach to nearly 99 percent of the country’s pin codes, underlining its deep penetration into both urban and rural markets. According to a report by NPCI and the Boston Consulting Group (BCG) launched during the Global Fintech Fest 2025, UPI has evolved from being a digital payments mechanism into a key enabler of financial inclusion and small business growth. I..