Adani Enterprises Limited (AEL) 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), the ports-to-mining conglomerate announced in a stock exchange filing.
The transaction was valued at ₹400 crore for the 85.1 per cent equity in AWIEPL. It is an all cash deal, and no equity has been exchanged. The acquisition was initially announced on 23 December 2024.
The acquisition is part of Adani Group’s plans to expand in the aircraft services and maintenance, repair, and overhaul (MRO) segment.
Gurugram-based Air Works, established in 1951, 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.
Defence capabilities
The company is also involved in 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.
Air Works operations and key financials
Air Works has a presence in 35 cities across India, with key maintenance centres located in Hosur, Mumbai, and Kochi, and a workforce of approximately 1,300 employees.
Air Works had registered revenue of ₹293 crore in FY 2021-22. The revenue of the company increased to ₹354 crore in FY 2022–23, marking a year-on-year rise of around 21 per cent. In FY 2023-24, the revenue stood at ₹356 crore, reflecting a marginal increase compared to the previous year, according to the exchange filing.
