Adani Enterprises Ltd (AEL) on Monday (December 23) said its wholly owned subsidiary Adani Defence Systems & Technologies Ltd (ADSTL) has entered into a share purchase agreement (SPA) to acquire an 85.8% shareholding in Air Works India (Engineering) Private Ltd.

“…we would like to inform you that Adani Defence Systems and Technologies Limited (ADSTL), a wholly-owned subsidiary of the Company, has executed a Share Purchase Agreement (SPA) on 23rd December 2024 with Air Works

India (Engineering) Pvt. Ltd (AWIEPL) and existing shareholders of AWIEPL (Parties), to acquire an 85.8% stake in AWIEPL,” Adani Enterprises said in a regulatory filing.

The deal values Air Works, India’s largest private-sector Maintenance, Repair, and Overhaul (MRO) company, at an enterprise value of ₹400 crore.

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Air Works operates a comprehensive network across India and provides services including line maintenance, heavy checks, aircraft painting, interior refurbishment, avionics upgrades, and asset management.

Its facilities in Hosur, Mumbai, and Kochi cater to a wide range of aircraft, from narrow-body and turboprop planes to rotary-wing aircraft, with approvals from aviation authorities in over 20 countries.

In addition to being a market leader in civil aviation, Air Works has built significant capabilities in defence MRO, executing projects for key platforms of the Indian Navy and Indian Air Force.

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Jeet Adani, Director at Adani Airports, said, “This growth aligns seamlessly with the Government’s vision to connect every corner of our nation, creating unprecedented opportunities in aviation services. For us, creating a presence in the MRO sector is more than just a strategic step—it’s a commitment to building an integrated aviation services ecosystem that strengthens the backbone of India’s aviation infrastructure.”

Ashish Rajvanshi, CEO of Adani Defence & Aerospace, said, “Our vision is to deliver a full-spectrum MRO offering—spanning line, base, component, and engine maintenance—to meet the needs of both commercial and defence aviation sectors.”

Shares of Adani Enterprises Ltd ended at ₹2,348.05, up by ₹3.15, or 0.13% on the BSE.