Adani Enterprises Limited has successfully completed two strategic acquisitions through its subsidiaries, expanding its presence in both defense and aerospace sectors. The company's wholly owned subsidiary, Adani Defence Systems & Technologies Ltd (ADSTL), has finalized the acquisition of Punj Lloyd Ltd's Defence Unit and secured a 14.2% stake in Air Works India, marking significant expansion in critical infrastructure sectors.

Defense Unit Acquisition Completion

The transfer of Punj Lloyd's Defence Unit was completed on March 10, 2026, in accordance with the terms of the Business Transfer Agreement (BTA). ADSTL received confirmation of the completion at 11:34 PM IST on the same day, with the parent company subsequently filing the mandatory disclosure with stock exchanges on March 11, 2026.

Air Works India Stake Acquisition

Simultaneously, ADSTL has finalized the purchase of a 14.2% stake in Air Works India, a leading aerospace maintenance, repair, and overhaul (MRO) service provider. This acquisition complements the defense unit purchase and strengthens Adani's position in the aerospace sector.

Regulatory Compliance and Documentation

The official intimation was filed under Regulation 30 of the listing regulations, addressing both BSE Limited and National Stock Exchange of India Limited. Company Secretary & Joint President (Legal) Jatin Jalundhwala digitally signed the communication on March 11, 2026, at 18:17:36 IST, ensuring full regulatory compliance for both transactions.

Strategic Portfolio Expansion

These dual acquisitions represent Adani Enterprises' comprehensive strategy to establish a strong foothold in India's defense and aerospace sectors. The Defence Unit at Malanpur, Madhya Pradesh, adds specialized manufacturing capabilities, while the Air Works India stake provides access to established aerospace maintenance and repair expertise. Together, these investments position ADSTL as a significant player in critical infrastructure sectors supporting national security and aviation industries.

Adani Enterprises Limited has announced the completion of a strategic acquisition that significantly strengthens its position in the aviation services sector. The company's wholly owned subsidiary, Adani Defence Systems & Technologies Ltd (ADSTL), successfully completed the acquisition of 14.2% effective shareholding in Air Works India (Engineering) Private Ltd on March 11, 2026.

Transaction Overview

The acquisition was executed through a Share Purchase Agreement (SPA) with Punj Lloyd Aviation Ltd (PLAL), following earlier intimations dated March 1, 2026 and March 2, 2026. This strategic move has increased ADSTL's stake in Air Works from 85.76% to 99.98%, establishing near-complete ownership of the aviation services company. The company received intimation of the completion on March 11, 2026 at 4:58 PM IST.

About Air Works India

Air Works India (Engineering) Private Ltd stands as India's largest privately-owned aviation services and Maintenance, Repair and Overhaul (MRO) company. Established in 1951, the company has built a strong reputation as a preferred MRO partner for Original Equipment Manufacturers (OEMs), aircraft owners, operators, lessors and airlines both in India and internationally.

The company has demonstrated robust financial performance with significant growth trajectory:

Strategic Rationale

The acquisition aligns with Adani Enterprises' objective to expand its footprint in the Aircraft Services and MRO industry. By increasing its stake to 99.98%, ADSTL has effectively consolidated its control over Air Works, positioning the company to capitalize on the growing aviation services market in India.

Regulatory Compliance

The transaction does not fall within related party transactions, as confirmed in the regulatory filing submitted to BSE Limited and National Stock Exchange of India Limited. No governmental or regulatory approvals were required for this acquisition, facilitating a smooth completion process. The company has fulfilled all disclosure requirements under Regulation 30 of SEBI Listing Regulations and relevant SEBI circulars, with detailed information provided in accordance with Para A of Part A of Schedule III of SEBI Listing Regulations.

Market Impact

This acquisition represents a significant consolidation move in India's aviation services sector. With Air Works' established market presence and ADSTL's strategic backing, the combined entity is well-positioned to capture opportunities in the expanding Indian aviation market. The substantial revenue growth demonstrated by Air Works, particularly the 60.39% increase from FY 2023-24 to FY 2024-25, indicates strong underlying business fundamentals and market demand for aviation MRO services.