Key Highlights

• Air Works is established in 1951, the oldest MRO in India with presence across 27 cities, 6 maintenance bays and 900+ maintenance experts.

• Air Works and Boeing are currently undertaking heavy maintenance checks on three P-8I long-range maritime patrol and anti-submarine warfare aircraft operated by the Indian Navy (IN) at Air Works, Hosur.

• Indian MRO Market is expected to grow three times from $1.7 billion to $5.0 billion by 2030

Adani Enterprises in its exchange filing announced the deal details. Air Works has developed extensive operational capabilities within the country for key defence and aerospace platforms. From the first P-8I aircraft Phase 32 checks to Phase 48 checks and MRO on the landing gear of the Indian Air Force’s 737 VVIP aircraft, Air Works undertakes base maintenance for ATR 42/72, A320 and B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur and Kochi. It is the preferred MRO partner to global aviation OEMs, aircraft owners/ operators (including Fixed Wing & Rotary Wing), lessors, airlines and the Indian Defence Services, offering a host of services including MRO and heavy checks, Line maintenance, Cabin and Interior refurbishment, Exterior finishing and painting, Avionics upgrades, integrations and retrofits, End-of-lease/ redelivery checks, Maintenance training (CAR 147), and Asset Management services to domestic and international clients.

Ashish Rajvanshi, CEO of Adani Defence & Aerospace, said on the acquisition, “Air Works has impeccable proven capabilities and over its 70-year aviation legacy has successfully delivered several India-first and industry-first projects. Combine this with the Adani Group's capabilities and what we get is an entity that truly represents what an Atmanirbhar Bharat in a critical sector should look like."

D Anand Bhaskar, MD & CEO of Air Works Group, said “India has the potential to become the MRO hub for the region across defence and civil aircrafts. It is a wonderful opportunity for Air Works and its employees to be subsumed under Adani Defence & Aerospace platform. The government’s policy measures and initiatives including convergence of civil and defence MRO would create economies of scale and huge employment opportunities.”

Rajvanshi added, Given India's growth trajectory and the Government's focus to network the nation through a massive mesh of air connectivity, it is inevitable that the primary growth of India's airline and airport sector lies ahead of it. Therefore, the Maintenance, Repair, and Overhaul sector has a crucial role to play in both, the defence and civilian aerospace sector. Add to this the ongoing modernisation program to make India a large market for defence aircrafts, and what emerges is one of the most exciting, comprehensive, at scale and digital MRO services within the boundaries of the nation.”

About Adani Defence & Aerospace

Adani Defence & Aerospace is the defence manufacturing arm of the USD250bn+ Adani Group and has been built on the Group’s core tenet of “Nation Building” with a vision of playing an instrumental role in helping transform India into a destination for world class high-tech defence manufacturing, aligned to the “AtmaNirbhar Bharat” initiative. Company has established capabilities in India across a wide domain such as small arms, unmanned aerial systems, radars, defence electronics & avionics, tactical communication systems, and electro-optical systems to support the Indian Armed Forces and other para-military forces in India.

Adani Defence has established India’s first unmanned aerial vehicles manufacturing facility, India’s first private sector small arms manufacturing facility and is currently in process of setting up India’s first comprehensive aircraft MRO facility in Nagpur. Company has taken an initiative of implementing counter drone systems for both defence & civil applications.

Adani Enterprises shares closed at ₹ 3,285 a share gained 2.27% on Tuesday 18th October 2022.