Mumbai, July 2 -- Adani Enterprises Limited (AEL) has completed the acquisition of an 85.1% stake in Air Works India (Engineering) Pvt Ltd (AWIEPL) through its wholly owned subsidiary, Adani Defence Systems and Technologies Limited (ADSTL), the company officially announced in a stock exchange filing.
The all-cash transaction was valued at Rs 400 crore for the 85.1% stake in Air Works, where no equity was exchanged.
The acquisition is part of Adani Group's plans to expand its business portfolio into the aircraft services and maintenance, repair, and overhaul (MRO) segment.
Air Works, which was established in 1951, is India's largest privately-owned aviation services and MRO company which caters to original equipment manufacturers (OEMs), ...