Intimation for acquisition of 14.2% effective shareholding in Air Works India (Engineering) Pvt. Ltd. by wholly owned subsidiary of the Company.
M&A
● No Immediate Change
MEDIUM RISK
📅 Filed on BSE: 11 Mar 2026, 06:46 PM IST · BSE ID: b232c904-3586-45ce-8d25-ab66d4ccde18
View Original BSE Filing (PDF)
🤖 AI Summary
- Adani Enterprises' subsidiary ADSTL has completed acquisition of 14.2% shareholding in Air Works India (Engineering) Pvt. Ltd. from Punj Lloyd Aviation Ltd. ADSTL's stake in Air Works increased from 85.76% to 99.98%. Transaction completed at enterprise value of Rs. 400 crores. Air Works is India's largest privately-owned aviation services and MRO company with audited FY 2024-25 turnover of INR 571 Cr.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Stake increase in Air Works
85.76% to 99.98%
14.22 percentage points
Enterprise value of acquisition
Rs. 400 crores
Air Works FY 2024-25 audited turnover
INR 571 Cr
Air Works FY 2023-24 audited turnover
INR 356 Cr
60.4%
Air Works FY 2022-23 audited turnover
INR 354 Cr
0.6%
👁 Watch List — track these upcoming events
Integration updates and synergy realization from full Air Works ownership
Air Works FY 2025-26 financial performance and MRO volume trends
MEDIUM RISK
Integration execution risks in aviation MRO operations. Valuation at Rs 400 crores against FY25 revenue of Rs 571 Cr requires margin sustainability demonstration.
⚖️ Strengths & Concerns
✅ Positives
- Air Works revenue grew 60.4% from INR 356 Cr (FY 23-24) to INR 571 Cr (FY 24-25), demonstrating strong business momentum.
- Full operational control achieved with 99.98% ownership, eliminating minority shareholder interference in strategic decisions.
- Air Works operates in high-margin MRO sector with established relationships with OEMs, airlines, and aircraft operators globally.
📅 Company Track Record
Adani Enterprises has executed multiple acquisitions and diversifications across infrastructure sectors over the past decade. The company's strategy focuses on building integrated ecosystem businesses. Air Works, established in 1951, is India's largest privately-owned MRO provider, indicating a strategic move into high-margin aerospace services aligned with India's aviation growth trajectory.
Based on publicly available historical data. For context only.