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Adani Defence completes acquisition of MRO firm Air Works

Business Standard  

Ahmedabad-based Adani Defence Systems and Technologies Ltd (ADSTL) has acquired 85.8% stake in Chennai-based Air Works, a private sector aircraft maintenance, repair and overhaul (MRO) company, at a valuation of INR 400 crore. With a workforce of more than 1,300, Air Works handles MRO works of commercial as well as defence aircraft.

Between Nov 2007 and Mar 2018, Air Works had raised about USD 81 M from BlackSoil Capital, GTI Group, NEA, KKR and Elephant Capital. In June 2022, Adani's proposed acquisition passed its long stop dateFor FY24, Air Works India Engineering had reported about INR 356 Cr in Operating Income and about INR 5 Cr in Net loss.