Adani's Defence Subsidiary Picks Up 51 Per Cent Stake In Small Arms Manufacturer PLR Systems

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.

The company said it has taken approval from the Ministry of Home Affairs for the acquisition.

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.