Adani Defence Systems & Technologies Ltd (ADSTL), a wholly owned subsidiary of Adani Enterprises, has successfully completed the acquisition of an additional 14.2% stake in Air Works India (Engineering) Pvt. Ltd. This move, executed through a Share Purchase Agreement with Punj Lloyd Aviation Ltd, increases ADSTL’s total shareholding from 85.76% to 99.98%. The objective is to deepen the company’s footprint in the Aircraft Maintenance, Repair, and Overhaul (MRO) industry.
Completion of Strategic Stake Acquisition
Adani Enterprises Limited announced that its wholly owned subsidiary, Adani Defence Systems & Technologies Ltd (ADSTL), has finalized the acquisition of a 14.2% effective shareholding in Air Works India (Engineering) Private Ltd (“Air Works”). This transaction was completed with Punj Lloyd Aviation Ltd (PLAL) pursuant to an earlier Share Purchase Agreement (SPA).
The acquisition significantly enhances ADSTL’s control, raising its ownership stake in Air Works from the existing 85.76% to 99.98%. The official intimation regarding the completion of this deal was received by the Company on March 11, 2026, at 4:58 PM IST.
Details of the Target Entity and Transaction
Air Works, the acquired entity, is an existing subsidiary of ADSTL and is fundamentally engaged in the Maintenance, Repair, and Overhaul (MRO) of aircraft. The objective of increasing the stake is explicitly stated as expanding the company’s footprint within the Aircraft Services & MRO industry.
Key transaction details confirmed the following:
- Consideration: The acquisition was settled via Cash.
- Cost: The price was based on an enterprise value of Rs. 400 crores, subject to post-closing adjustments.
- Related Party Status: The transaction was confirmed not to fall within related party transactions.
- Air Works Profile: Established in 1951, Air Works is described as India’s largest privately-owned aviation services & MRO company, preferred by OEMs and operators.
Revenue Performance of Air Works
The recent audited revenue figures for Air Works highlight its operational scale:
- For FY 22-23, revenue stood at INR 354 Cr.
- For FY 23-24, revenue was INR 356 Cr.
- For FY 24-25, revenue reached INR 571 Cr.
The auditors for Air Works reported a turnover of INR 571 Cr. for the Financial Year 2024-25.
Source: BSE
