ADSTL signs SPA to acquire 85.8 per cent stake in Air Works

Adani Defence Systems and Technologies (ADSTL) signed a share purchase agreement (SPA) for acquiring an 85.8 per cent stake in Air Works India (Engineering) Private Limited for Rs 4 billion. Air Works is one of the largest private aircraft maintenance, repair and overhaul (MRO) company in India, and operates in 35 cities. It offers end-to-end services including line maintenance, heavy checks, interior refurbishment, etc. to Indian and global customers. With the move, Adani Defence and Aerospace aims to provide a full-spectrum of MRO services including line, base, component and engine maintenance for both commercial and defence aviation.