Insta
Adani's Defence Subsidiary Picks Up 51 Per Cent Stake In Small Arms Manufacturer PLR Systems
Gautam Adani, chairman of Adani Group (Abhijit Bhatlekar/Mint via Getty Images)
Gautam Adani-led Adani Enterprises' defence arm has acquired 51 per cent stake in PLR Systems Private Limited which manufactures and supplies indigenously built small arms to the armed forces, reports Economic Times.
Adani Land Defence Systems and Technologies Limited said that it bought 51 per cent share in PLR systems from Fouraces Systems India Private Limited on 10 September.
The transaction has been completed by way of a cash transaction with one of the existing shareholders of PLR Systems, it said.
After acquiring 51 per cent stake, the Adani group's subsidiary has become a majority stakeholder in PLR Systems in which Israeli Weapon Industries (IWI) is an existing shareholder.
The company said in a statement that through the acquisition, it along with the IWI will be able to provide indigenously manufactured defence equipment and help achieve self-reliance aligned to the government's Make in India and Aatmanirbhar Bharat programme.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
