M&A
Adani Group arm to acquire Punj Lloyd’s defence unit; ups stake in Air Works India
BSE Announcement Business Line
Adani Enterprises’ wholly owned subsidiary, Adani Defence Systems and Technologies Ltd (ADSTL), is to acquire Punj Lloyd Ltd’s defence unit located in Malanpur, Madhya Pradesh, in a slump sale.ADSTL also executed a share purchase agreement with Punj Lloyd Aviation Ltd to acquire a 14.2% stake in Air Works India (Engineering) Pvt Ltd. ADSTL already holds 85.76% in Air Works. Post completion of acquisition, the stake of ADSTL in Air Works will increase to 99.98%.
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