Adani Group to acquire MRO Air Works
The Adani Group, which operates seven airports in the country, will acquire MRO company Air Works Group in a bid to strengthen its civil aviation portfolio, the companies said Tuesday. Adani Defence Systems & Technologies Ltd has signed definitive agreements to acquire Air Works, which is India’s largest independent aircraft maintenance, repair and overhaul (MRO) organisation for an enterprise value of Rs 400 crore.
On May 29, The Indian Express had reported of a deal between the investors of Air Works and the Adani Group, when the latter had begun due diligence into the target company.
The 71-year old aviation company services IndiGo, GoAir and Vistara, in addition to over a dozen foreign airlines including Lufthansa, Turkish Airlines, FlyDubai, Etihad, and Virgin Atlantic.
