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.

Adani Enterprises has completed the full acquisition of D P Jain TOT Toll Roads Private Limited (DPJ TOT) through its wholly owned subsidiary Adani Road Transport Limited (ARTL). The company announced on March 10, 2026, that ARTL has successfully acquired the remaining 49% equity share capital and 100% optionally convertible redeemable preference shares of DPJ TOT, making it a wholly owned subsidiary.

Acquisition Timeline and Structure

The acquisition was completed in phases, with ARTL initially acquiring 51% of DPJ TOT's equity share capital in February 2026, followed by the remaining 49% stake completion on March 10, 2026. The transaction was executed under a share purchase agreement originally signed on September 12, 2025. The intimation of completion was received by the company on March 10, 2026 at 2:38 PM (IST).

Target Company Profile

DPJ TOT, incorporated on May 6, 2021, operates under the roads and infrastructure sector. The company holds the concession agreement for tolling, operation, maintenance and transfer of the Palanpur-Radhanpur-Samkhayali section (KM 536+000 to KM 430+000) of NH-27 in Gujarat.

Strategic Impact and Regulatory Compliance

The acquisition aligns with Adani Enterprises' strategy to expand its footprint in the road infrastructure development industry. With DPJ TOT now becoming a wholly owned subsidiary of ARTL, the Adani Group strengthens its position in the toll road operations sector. The transaction was conducted at arm's length and all requisite regulatory approvals have been received for the completion of this acquisition. The company has formally notified BSE Limited and National Stock Exchange of India Limited about the completion under Regulation 30 of SEBI Listing Regulations.