Adani Group To Foray Into Aircraft Maintenance Business With Acquisition Of Air Works For Rs 400 Crore
Adani Group will acquire aircraft maintenance, repair and overhaul (MRO) company Air Works for Rs 400 crore.
Adani Defence Systems & Technologies Ltd. (ADSTL), the defence manufacturing arm of Adani Group, has signed definitive agreements to acquire Air Works, India’s biggest and highly diversified independent MRO with the largest pan-India network presence across 27 cities, the company said in a statement on Tuesday (18 October).
Air Works services IndiGo, GoAir and Vistara, in addition to over a dozen foreign airlines including Lufthansa, Turkish Airlines, FlyDubai, Etihad, and Virgin Atlantic, reports Indian Express.
The 71-year-old aviation firm has also developed extensive operational capabilities within the country for key defence and aerospace platforms.
"From the first P-8I aircraft Phase 32 checks to Phase 48 checks and MRO on the landing gear of the Indian Air Force’s 737 VVIP aircraft, Air Works undertakes base maintenance for ATR 42/72, A320 and B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur and Kochi," the statement 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," said Ashish Rajvanshi, CEO of Adani Defence and Aerospace.
D Anand Bhaskar, MD and CEO, Air Works Group said,“India has the potential to become the MRO hub for the region across defence and civil aircrafts. It is a wonderful opportunity for Air Works and its employees to be subsumed under Adani Defence and Aerospace platform. The government’s policy measures and initiatives including convergence of civil and defence MRO would create economies of scale and huge employment opportunities".
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.