Adani Group to acquire MRO Air Works
Air Works Group, with a pan-India presence across 27 cities, competes with 50 standalone Indian MRO players including Government-run AI Engineering Services Ltd and GMR Aero Technic.
(Left) D Anand Bhaskar, MD & CEO, Air Works Group, with Ashish Rajvanshi,
the CEO of Adani Defence & Aerospace. (Photo courtesy: Adani Defence) The Adani Group, which operates seven airports in the country, will acquire MRO company Air Works Group in a bid to strengthen its civil aviation portfolio, the companies said Tuesday. Adani Defence Systems & Technologies Ltd has signed definitive agreements to acquire Air Works, which is India’s largest independent aircraft maintenance, repair and overhaul (MRO) organisation for an enterprise value of Rs 400 crore.
On May 29, The Indian Express had reported of a deal between the investors of Air Works and the Adani Group, when the latter had begun due diligence into the target company.
The 71-year old aviation company services IndiGo, GoAir and Vistara, in addition to over a dozen foreign airlines including Lufthansa, Turkish Airlines, FlyDubai, Etihad, and Virgin Atlantic. It has also developed operational capabilities within the country for key defence and aerospace platforms including maintenance checks of the Indian Navy’s P-8I long-range maritime patrol aircraft and MRO on the landing gear of the Indian Air Force’s 737 VVIP aircraft.
Share
