Punj Lloyd Limited has successfully completed its acquisition by Adani Infra (India) Limited, marking the conclusion of a liquidation process that began under the Insolvency and Bankruptcy Code, 2016. The transaction, valued at INR 281.10 crores, was finalized on March 10, 2026, with the execution of the sale certificate by the liquidator.

Transaction Details and Timeline

The acquisition process culminated following a series of regulatory approvals and procedural steps. The National Company Law Tribunal, Principal Bench, New Delhi issued its approval order on February 12, 2026, disposing the application for approval of the acquisition plan filed by Adani Infra (India) Limited.

Regulatory Framework and Process

The transaction was conducted under the provisions of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The acquisition followed a structured e-auction process, with the asset sale process memorandum for the 14th round of e-auction dated September 8, 2025, providing the framework for the transaction.

Adani Infra (India) Limited emerged as the successful bidder and has fulfilled all payment obligations in accordance with the letter of demand dated October 23, 2025. The company has also executed undertakings to assume liability against underlying bank guarantees as specified in the asset sale process memorandum terms.

Additional Commitments and Obligations

Beyond the primary sale consideration, Adani Infra has undertaken specific liability assumptions related to bank guarantees. The successful bidder has committed to assume:

• 10% liability of disputed bank guarantees
• 25% liability of ongoing project bank guarantees

These commitments align with the terms outlined in the asset sale process memorandum and represent additional financial obligations beyond the core acquisition price.

Corporate Disclosure and Compliance

Punj Lloyd Limited disclosed the completion through official communication to both BSE Limited and National Stock Exchange of India Limited on March 10, 2026. The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The announcement represents the culmination of previous intimations dated October 18, 2025, February 12, 2026, and February 13, 2026, which had provided updates on the acquisition process and regulatory approvals. Company Secretary Adhish Swaroop signed the disclosure on behalf of Punj Lloyd Limited, confirming the successful completion of the transaction and transfer of the company to Adani Infra (India) Limited.

Adani Defence Systems & Technologies Limited (ADSTL), a wholly owned subsidiary of Adani Enterprises Limited, has executed a Share Purchase Agreement on March 1, 2026, to acquire an additional 14.2% stake in Air Works India (Engineering) Private Limited from Punj Lloyd Aviation Limited. This transaction builds upon the earlier asset transfer agreements executed between Punj Lloyd and Adani Group entities under the NCLT-approved acquisition plan.

Transaction Overview

The latest share purchase agreement represents a significant consolidation move within the Adani Group's aviation and defence portfolio:

Shareholding Structure Changes

The acquisition will significantly alter ADSTL's ownership position in Air Works India:

Regulatory Compliance and Disclosure

Adani Enterprises Limited has disclosed this transaction under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided comprehensive details as required under SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The formal intimation was filed with both BSE Limited (Scrip Code: 512599) and National Stock Exchange of India Limited (Scrip Code: ADANIENT), signed by Company Secretary & Joint President (Legal) Jatin Jalundhwala.

Transaction Structure and Parties

The share purchase agreement involves three key entities within the transaction framework:

The transaction is structured as a direct acquisition of shareholding, with ADSTL acquiring the 14.2% stake from PLAL. According to the regulatory filing, this transaction does not fall within related party transactions and is being executed at arm's length.

Connection to Earlier Transactions

This share purchase agreement follows the asset transfer arrangements executed on February 28, 2026, between Punj Lloyd Limited and Adani Group entities. The earlier transactions included a business transfer agreement for Punj Lloyd's Defence Unit sale to ADSTL and were conducted under the NCLT order dated February 12, 2026, approving the acquisition plan submitted by Adani Infra (India) Limited.

Strategic Implications

The transaction demonstrates Adani Group's continued expansion in the defence and aviation sectors through strategic acquisitions. With ADSTL's shareholding in Air Works India increasing to 99.98%, the Adani Group gains near-complete control over the aviation engineering services company, strengthening its position in the aerospace and defence ecosystem.

The structured approach to these acquisitions, executed through multiple agreements and entities within the Adani Group, reflects a comprehensive strategy for integrating Punj Lloyd's assets into the conglomerate's diversified portfolio.