Adani Group buys Air Works, forays into aircraft maintenance business
Adani Group has acquired Air Works — India’s second oldest maintenance repair and overhaul unit — for an enterprise valuation of Rs 400 crore.
The group controls seven airports and the latest acquisition will give it maintenance capabilities in all three aircraft maintenance verticals — airline, business jets, and defence.
Set up in 1951 by two friends P S Menon and B G Menon, Air Works has presence in 27 cities, including hangars in Mumbai, Hosur, and Kochi. Indamer Aviation, the oldest private MRO in the country, was set up in 1947.
The MRO firm, which has six investors, received its first external funding from GTI Group and Punj Lloyd in 2007. All existing investors, including the Menons, will exit the company following the transaction.
