The Adani Group on Tuesday said that it agreed to acquire Air Works, one of India’s major centres for the maintenance, repair and overhaul (MRO) of aircraft.
The Adani Group forayed into the aviation sector in 2019 by winning bids for six airports. In 2021, the group took over the management of Mumbai and Navi Mumbai airports. As a result, the group handles more than 20% of the passenger traffic in India.
The Adani Group is also setting up India’s first comprehensive aircraft MRO facility in Nagpur and offers aircraft maintenance services in partnership with Indamer, an aviation services company.
The MRO sector is of critical importance to the Indian and global aerospace and defence industry, the Adani Group said in its annual report for 2021-22.
“The Indian MRO industry is expected to grow from $1.7 billion in 2021 to $4 billion by 2031, a compound annual growth rate (CAGR) of 8.9% against the expected global CAGR of 5.6%. The company continues to build one-stop solutions for all aircraft-related services across India and South Asia,” it had said in the annual report.
“Given India’s growth trajectory and the government’s focus on networking the nation through a massive mesh of air connectivity, it is inevitable that the primary growth of India’s airline and airport sector lies ahead of it. Therefore, the maintenance, repair, and overhaul sector has a crucial role to play in both the defence and civilian aerospace sectors,” said Ashish Rajvanshi, chief executive office of Adani Defence and Aerospace.
