Adani to buy Air Works for ₹400 cr

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 (MRO) company.

- Saloni Goel, Anubhav Mukherjee & Anirudh Laskar

The move is in line with the conglomerate's strategy to capitalise on India's ambition to become self-reliant in defence capabilities and take advantage of a thriving aviation industry.

The acquisition, with an enterprise value of ₹400 crore, will enable Adani Group to offer a range 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.