Latest News | Adani Defence Systems & Technologies to Acquire Air Works at Enterprise Value of Rs 400 Cr

Mumbai, Oct 18 (PTI) Adani Defence Systems & Technologies Ltd (ADSTL) on Tuesday said it will acquire MRO operator Air Works for an enterprise value of Rs 400 crore.

The company, in a statement, said it has signed definitive agreements to acquire Air Works, which has developed extensive operational capabilities within the country for key defence and aerospace platforms.

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Air works has a presence across 27 cities with six maintenance bays.

"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.

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"Therefore, the Maintenance, Repair, and Overhaul (MRO) sector has a crucial role to play in both the defence and civilian aerospace sector,” said Ashish Rajvanshi, CEO of Adani Defence & Aerospace.

Air Works has “impeccable” proven capabilities and it has successfully delivered several India-first and industry-first projects, he said.

"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," Rajvanshi added.

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.

"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,” said D Anand Bhaskar, MD & CEO, Air Works Group.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)