With another master plan, Adani Defence Systems & Technologies Ltd (ADSTL) acquired India’s second-oldest independent MRO for a total net value of Rs 400 crores on Tuesday, October 18th after signing an agreement. This statement was revealed by Adani Enterprises in its trade filing.
D. Anand Bhaskar, MD & CEO, of Air Works Group, exclaimed, “India has the potential to become the MRO hub for the region across defence and civil aircraft. It is a wonderful opportunity for Air Works and its employees to be subsumed under the Adani Defence & Aerospace platform. The government’s policy measures and initiatives, including the convergence of civil and defence MRO, would create economies of scale and huge employment opportunities. ”
Ashish Rajvanshi, CEO of Adani Defence & Aerospace, said, “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. ”
To note, Air Works is India’s biggest and highly diversified MRO with a network across 27 cities and has formulated many operations for key defence and aerospace standards within the country. It was established in 1951 and provides services such as MRO and heavy checks, finishing of both interior and exterior, along with painting and refurbishment, upgrading electronic systems, and many more.
The Adani Group, founded by Gautam Adani in 1988, has been prospering over the years, with Gautam Adani becoming India’s richest man and the world’s fourth richest man.
Adani Group is a multinational conglomerate headquartered in Ahmedabad. It comprises seven trading companies, namely: Adani Enterprises, Adani Green Energy, Adani Ports & SEZ, Adani Power, Adani Transmission, Adani Total Gas, and Adani Wilmar.
Adani Enterprises is a company engaged in mining and trading coal and iron ore.
Adani Green Energy: It is the renewable energy arm with solar and wind energy in its portfolio.
Adani Ports & SEZ: It is the biggest private port company and special economic zone in India with ten ports.
Adani Power: The company develops power projects and is the second largest private power generation company.
Adani Transmission: It maintains and develops the electric power transmission systems.
Adani Toral Gas: The company here distributes gas both to industries and residential customers.
Adani Wilmar: It is a joint venture between Adani Enterprises Ltd and Wilmar International Limited. It is the fastest growing packaged food company.
Thus, with the overtaking of Adani group, India’s MRO is expected to grow by 2030 from $1.7 billion to $5 billion, a three-fold increase from the present growth. At present, Boeing and Air Works are undertaking hefty maintenance checks on three P-81 aircraft operated by the Indian Navy.
Adani Group will play an instrumental role in expanding the AirWorks to its incredible potential and helping India become a destination for numerous individuals and companies.
