Adani Enterprises Limited has announced a significant acquisition by its wholly owned subsidiary in the defence sector. Adani Defence Systems & Technologies Ltd (ADSTL) has executed a Business Transfer Agreement with Punj Lloyd Ltd for the acquisition of a Defence Unit through a slump sale transaction.

Transaction Details

The Business Transfer Agreement was executed on February 28, 2026, with the company receiving information about the transaction on March 1, 2026 at 12:27 AM IST. The acquisition involves the transfer of Punj Lloyd Ltd's Defence Unit situated at Malanpur, Madhya Pradesh, to ADSTL.

Key Transaction Characteristics

The disclosure reveals several important aspects of the acquisition structure based on the detailed regulatory filing:

• No existing shareholding: ADSTL has no prior shareholding in Punj Lloyd Ltd
• Non-related party transaction: The transaction does not fall within related party transactions framework
• Strategic acquisition: The agreement focuses specifically on defence unit transfer through slump sale methodology
• Subsidiary relationship: ADSTL is confirmed as a wholly owned subsidiary of Adani Enterprises

Regulatory Compliance Framework

The transaction disclosure has been made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The comprehensive filing includes detailed information as required under SEBI Listing Regulations and SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Corporate Structure Impact

This acquisition represents ADSTL's expansion into defence manufacturing capabilities. As a wholly owned subsidiary of Adani Enterprises, ADSTL's strategic moves align with the parent company's diversification strategy. The Malanpur facility acquisition provides ADSTL with established defence manufacturing infrastructure and capabilities.

The transaction demonstrates Adani Enterprises' continued focus on expanding its subsidiary operations across strategic sectors, with the defence segment representing a key growth area for the conglomerate's portfolio expansion.

Adani Enterprises Limited announced that its wholly owned subsidiary, Adani Road Transport Limited (ARTL), has successfully completed the acquisition of a 49% shareholding in Sree Vishwa Varadhi Private Limited (SVVPL) on February 17, 2026. The transaction was executed through subscription to fresh equity shares, marking a strategic expansion in the road infrastructure sector. The company received information about the completion at 03:19 PM IST on February 17, 2026.

Acquisition Details

The acquisition involved ARTL subscribing to 9,607 equity shares of INR 10 each in SVVPL, issued at par value. The transaction structure and key parameters are outlined below:

Target Company Profile

Sree Vishwa Varadhi Private Limited was incorporated on September 15, 2025, under the Companies Act, 2013. The company was established specifically to undertake a significant infrastructure project in Bihar state.

Strategic Rationale

The acquisition aligns with ARTL's strategic objective of expanding and strengthening its presence in the roads sector. The transaction provides ARTL with participation in a hybrid annuity model project, which represents a significant infrastructure development initiative in Bihar.

Key strategic benefits include:

• Enhanced presence in Bihar's road infrastructure market
• Participation in government-backed infrastructure projects
• Expansion of ARTL's project portfolio in the roads sector
• Access to hybrid annuity model projects

Regulatory Framework

The acquisition has been completed in compliance with SEBI Listing Regulations, specifically Regulation 30 read with Para A of Part A of Schedule III. The disclosure was also made pursuant to SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The transaction received necessary approval from Bihar State Road Development Corporation Limited, ensuring regulatory compliance for the infrastructure project.

ARTL retains an option to acquire additional stake in SVVPL, subject to obtaining further regulatory approvals. The acquisition does not constitute a related party transaction, as confirmed in the regulatory disclosure.

Future Prospects

The completed acquisition positions ARTL to participate directly in Bihar's road infrastructure development through the J.P. Ganga Path extension project. The hybrid annuity model provides a structured framework for project execution and revenue generation, supporting ARTL's broader infrastructure development strategy.