Gautam Adani, India's second richest man, acquires major stake in this company for Rs 4000000000, its business is...

Gautam Adani, chairman of Adani Group, has acquired another company through his flagship firm, Adani Enterprises Limited (AEL). The Adani firm has completed the acquisition of an 85.1 per cent stake in Air Works India (Engineering) Pvt. Ltd (AWIEPL) through its wholly owned subsidiary, Adani Defence Systems and Technologies Limited (ADSTL), announced in a stock exchange filing, Business Standard reported. The acquisition is part of Adani Group’s plans to expand in the aircraft services and maintenance, repair, and overhaul (MRO) segment.

Transaction value Rs 400 crore

The acquisition was initially announced in December 2024. The transaction was valued at Rs 400 crore for the 85.1 per cent equity in AWIEPL. It is an all-cash deal, and no equity has been exchanged.

About Air Works
 
It is a Gurugram-based company which was established in 1951. It is India's largest privately-owned aviation services and MRO company. It caters to original equipment manufacturers (OEMs), aircraft owners, lessors, and airlines, both domestically and internationally. The company is also involved in the defence sector maintenance. In 2022, Air Works entered into a partnership with Boeing to carry out maintenance checks on three P-8I long-range maritime patrol and anti-submarine warfare aircraft used by the Indian Navy. The maintenance was conducted at the Hosur facility.

READ | Good news for India as it gets record Rs 1154729 crore from...; continues to be biggest receiver of...

Adani Enterprises

The flagship firm of Adani Group, Adani Enterprises, has a market cap of Rs 3.02 lakh crore. The share price of the firm closed at Rs 2,626 as on July 1. Its owner, Gautam Adani, is India's second richest man with a real-time net worth of USD 68 billion, as per Forbes.