Adani Defence Systems & Technologies Ltd. (ADSTL) has signed definitive agreements to acquire Air Works, India's biggest and highly diversified independent MRO with the largest pan-India network presence across 27 cities.
Air Works has developed extensive operational capabilities within the country for key defence and aerospace platforms. From the first P-8I aircraft Phase 32 checks to Phase 48 checks and MRO on the landing gear of the Indian Air Force's 737 VVIP aircraft, Air Works undertakes base maintenance for ATR 42/72, A320 and B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur and Kochi.
"Given India's growth trajectory and the Government's focus to network the nation through a massive mesh of air connectivity, it is inevitable that the primary growth of India's airline and airport sector lies ahead of it. Therefore, the Maintenance, Repair, and Overhaul sector has a crucial role to play in both, the defence and civilian aerospace sector. Add to this the ongoing modernisation program to make India a large market for defence aircrafts, and what emerges is one of the most exciting, comprehensive, at scale and digital MRO services within the boundaries of the nation." said Ashish Rajvanshi, CEO of Adani Defence & Aerospace. "Air Works has impeccable proven capabilities and over its 70-year aviation legacy has successfully delivered several India-first and industry-first projects. Combine this with the Adani Group's capabilities and what we get is an entity that truly represents what an Atmanirbhar Bharat in a critical sector should look like."
D Anand Bhaskar, MD & CEO, Air Works Group said, "India has the potential to become the MRO hub for the region across defence and civil aircrafts. It is a wonderful opportunity for Air Works and its employees to be subsumed under Adani Defence & Aerospace platform. The government's policy measures and initiatives including convergence of civil and defence MRO would create economies of scale and huge employment opportunities."
Established in 1951, Air Works Group is India's biggest and highly diversified independent MRO with the largest pan-India network presence across 27 cities. It is the preferred MRO partner to global aviation OEMs, aircraft owners / operators (including Fixed Wing & Rotary Wing), lessors, airlines and the Indian Defence Services, offering a host of services including MRO and heavy checks, Line maintenance, Cabin and Interior refurbishment, Exterior finishing and painting, Avionics upgrades, integrations and retrofits, End-of-lease / redelivery checks, Maintenance training (CAR 147), and Asset Management services to domestic and international clients.
Shares of Adani Enterprises Limited was last trading in BSE at Rs. 3285.00 as compared to the previous close of Rs. 3212.10. The total number of shares traded during the day was 57034 in over 3404 trades.
The stock hit an intraday high of Rs. 3297.00 and intraday low of 3224.95. The net turnover during the day was Rs. 186298278.00.