Adani Enterprises Completes 39% Stake Acquisition in Flight Simulation Technique Centre

Adani Enterprises Limited has successfully completed the acquisition of a 39% effective shareholding in Flight Simulation Technique Centre Pvt. Limited (FSTC) on December 30, 2025. The acquisition was executed through the company's subsidiaries as part of its strategic expansion into the aviation services sector.

Acquisition Structure and Timeline

The acquisition was completed through Adani Defence Systems and Technologies Limited (ADSTL), a wholly owned subsidiary of Adani Enterprises, and Horizon Aero Solutions Limited (HASL), which is a subsidiary of ADSTL with 50% shareholding held by ADSTL and 50% by Prime Aero Services LLP. The transaction details are outlined below:

Parameter:	Details
Acquisition Date:	December 30, 2025
Stake Acquired:	39% effective shareholding
Enterprise Value:	₹820.00 crores
Payment Method:	Cash consideration
Future Acquisition:	Additional 33.8% stake planned for January 2026

Target Company Profile

Flight Simulation Technique Centre Pvt. Limited, established in 2011, operates as a Directorate General of Civil Aviation (DGCA) and European Union Aviation Safety Agency (EASA) approved pilot training organization. The company provides integrated flight training services to pilots with comprehensive infrastructure and equipment.

FSTC's Operational Capabilities

Training Infrastructure: 11 flight simulators
Aircraft Fleet: 17 training aircraft
Services: Comprehensive pilot training programs
Regulatory Approvals: DGCA and EASA certified

Financial Performance

FSTC has demonstrated consistent revenue growth over the past three years, reflecting strong demand for aviation training services:

Financial Year:	Audited Revenue
FY 2022-23:	₹165.00 crores
FY 2023-24:	₹184.00 crores
FY 2024-25:	₹195.00 crores

The company's revenue growth trajectory shows an increase from ₹165.00 crores in FY 2022-23 to ₹195.00 crores in FY 2024-25, representing steady business expansion.

Strategic Impact

The acquisition aligns with Adani Enterprises' strategy to expand ADSTL's and HASL's footprint in the aviation services industry. The transaction is structured as an arm's length deal and does not fall within related party transactions. No governmental or regulatory approvals were required for this acquisition.

Regulatory Compliance

The acquisition details have been disclosed in compliance with Regulation 30 of SEBI Listing Regulations and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company received information about the completion on December 30, 2025, at 10:17 PM and filed the regulatory disclosure on December 31, 2025.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.13%	-0.40%	-1.78%	-11.80%	-10.88%	+377.16%

Adani Enterprises Limited has filed the prospectus with regulatory authorities for its public issue of non-convertible debentures (NCDs) worth up to ₹1,000 crore. The Management Committee of the Board of Directors approved and adopted the prospectus on December 29, 2025, marking a significant step toward the launch of this comprehensive debt offering.

Regulatory Filing and Compliance

The company has filed the prospectus dated December 29, 2025, with the Registrar of Companies, Gujarat, Dadra & Nagar Haveli at Ahmedabad, BSE Limited, and National Stock Exchange of India Limited. The issue is being conducted pursuant to the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, the Companies Act, 2013, and relevant SEBI master circulars.

Filing Details:	Information
Prospectus Date:	December 29, 2025
Filed With:	RoC Gujarat, BSE Limited, NSE Limited
Regulatory Framework:	SEBI NCS Regulations 2021
Company Secretary:	Jatin Jalundhwala (FCS-3064)

Issue Structure and Timeline

The public issue comprises secured, rated, listed, redeemable non-convertible debentures with a face value of ₹1,000 each. The company has structured the offering with a base issue size of ₹500 crore and retained the option for over-subscription up to an additional ₹500 crore through a green shoe option.

Issue Parameters:	Details
Base Issue Size:	₹500 crore
Green Shoe Option:	₹500 crore
Total Issue Size:	Up to ₹1,000 crore
Face Value per NCD:	₹1,000
Issue Opening:	Tuesday, January 6, 2026
Issue Closing:	Monday, January 19, 2026
Minimum Application:	₹10,000 (10 NCDs)

Investment Series and Returns

The company has designed eight distinct series of NCDs, offering investors flexibility in choosing tenors and interest payment frequencies. The series provide effective yields ranging from 8.60% to 8.90% per annum across different investment horizons.

Series:	Tenor:	Interest Frequency:	Effective Yield:	Redemption Amount:
Series I	24 months	Annual	8.60%	₹1,000.00
Series II	24 months	Cumulative	8.60%	₹1,179.40
Series III	36 months	Quarterly	8.75%	₹1,000.00
Series IV	36 months	Annual	8.74%	₹1,000.00
Series V	36 months	Cumulative	8.75%	₹1,286.45
Series VI	60 months	Quarterly	8.90%	₹1,000.00
Series VII	60 months	Annual	8.89%	₹1,000.00
Series VIII	60 months	Cumulative	8.90%	₹1,531.95

Security and Default Protection

The NCDs are secured by a first ranking pari passu charge on identified loans and advances classified as non-current assets in the company's books. The security structure ensures maintenance of at least 110% security cover of the outstanding principal amounts of the NCDs and interest thereon at all times until the redemption date.

The company has established comprehensive default protection mechanisms, including payment of additional interest over and above the agreed coupon rate in case of delays. Specifically, the company will pay at least 2% per annum additional interest if it fails to execute the Debenture Trust Deed within the prescribed period. The debentures are proposed to be listed on both BSE Limited and National Stock Exchange of India Limited, with BSE Limited serving as the designated stock exchange.