Adani Enterprises on Tuesday, October 18, said its arm Adani Defence Systems & Technologies Ltd (ADSTL) has signed a definitive agreement to acquire Air Works for an enterprise value of Rs 400 crore.

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Air Works is India's biggest and most highly-diversified independent MRO (maintenance repair and operations) with the largest pan-India network presence across 27 cities and has 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," ADSTL said.

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Ashish Rajvanshi, CEO of Adani Defence & Aerospace, 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."

D. Anand Bhaskar, MD & CEO at Air Works Group, said India has the potential to become the MRO hub for the region across defence and civil aircraft. It is a wonderful opportunity for Air Works and its employees to be subsumed under Adani Defence & Aerospace platform.

"The government’s policy measures and initiatives, including the convergence of civil and defence MRO, would create economies of scale and huge employment opportunities," he added.

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Established in 1951, Air Works Group is the preferred MRO partner for global aviation OEMs, aircraft owners/ operators (including fixed wing & rotary wing), lessors, airlines and the Indian defence services, offering a host of services including MRO and heavy checks, line maintenance, cabin and interior refurbishment, exterior finishing and painting, avionics upgrades, integrations and retrofits, end-of-lease/ redelivery checks, maintenance training (CAR 147), and asset management services to domestic and international clients.

(Edited by : Shoma Bhattacharjee)