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

Adani Defence Systems and Technologies Limited has decided not to proceed with the proposed Rs 4 billion deal to acquire Air Works India (Engi­neering) Private Limited, a maintenance, repair and overhaul company. The deal has fallen through as the deadline specified in the term sheet, signed by the Adani Group company Air Works and certain shareholders of Air Works, has passed. Moreover, due to high interest rates, the group plans to be more cautious in pursuing new deals but will still assess potential acquisition opportunities.