Adani scraps another M&A transaction after terminating power and highway asset deals

Recently, Adani Defence Systems and Technologies Limited (ADSTL) allowed to lapse a proposed Rs 4 billion-deal to acquire maintenance, repair and overhaul (MRO) company Air Works India (Engineering) Private Limited. The deal has fallen through since the deadline as per the term sheet executed between the Adani Group company, Air Works and certain shareholders of Air Works has passed. In addition to this, due to high interest rates, the group would go slower on deal making but would continue to review acquisition opportunities.