Adani’s proposed Air Works deal has long passed its stop date, says Crisil

Adani Group’s proposed acquisition of Air Works has passed its long stop date and the two companies are not in discussions to extend deal timelines, ratings agency Crisil said in a recent note, potentially adding to the list of purchase plans that have been halted.

ET reported on April 24 that Adani Group’s ₹400-crore acquisition of Air Works, an aircraft maintenance and repairs company, had been delayed.

Adani Group and Air Works did not respond to ET’s queries.

“Crisil Ratings is given to understand that there are no ongoing discussions between the concerned parties to extend the validity of the term sheet,” the ratings agency said in a June 7 note that ET has seen.