Private Equity

Liquidity Events

Undone: Adani Group's proposed Rs.400-Cr deal to acquire Air Works lapses

Economic Times  

Adani Group's proposed acquisition of Air Works, an aircraft maintenance and repairs company, for INR 400 crore has passed its long stop date and the two companies are not in talks to extend deal timelines. This adds to the list of purchase plans that have been halted by the Adani Group. Adani Defence Systems & Technologies Ltd (ADSTL), a 100% subsidiary of Adani Enterprises Ltd (AEL), had signed a definitive agreement to acquire Air Works in October 2022. In April 2023, it was reported that Adani Group's acquisition of Air Works had been delayed. Set up in 1951 by PS Menon and BG Menon, Air Works has a presence in 27 cities, including hangars in Mumbai, Hosur and Kochi. The major shareholders of Air Works are the Menon families, Punj Lloyd Aviation, GTI Capital and a company employees' welfare trust.

From the Venture Intelligence PE-VC Deal Database: Between May 07 and May 15, Air Works India Engineering had raised over USD 60 M from GTI Group, NEA, Elephant Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)