Adani Group acquires Air Works to boost defence business

MUMBAI: Ahmedabad-headquartered Adani Group's defence arm Adani Defence and Aerospace on Monday entered into an agreement to acquire an 85.8% stake in Air Works, India's largest privately-held aircraft maintenance, repair, and overhaul company. The acquisition, with an enterprise value of ₹400 crore, will enable Adani Group to offer a range of of aviation services spanning line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics as well as asset management services to its Indian and global customers, the group said in a statement. On 20 September, Mint reported that the Adani Group has identified defence and aerospace as one of the key areas for acquisitions and has set aside $1 billion purely for defence acquisitions via Adani Defence and Aerospace Ltd. "The group’s plan is aligned with the country’s goal to strengthen the technology play in defence space. About the company Air Works offers an end-to-end bouquet of aviation services spanning line maintenance, heavy checks, interior refurbishment, painting, redelivery checks, avionics as well as asset management services to its Indian and global customers.