Adani Defence and Aerospace have signed an agreement to acquire Air Works for an enterprise value of INR 400 crore.
Adani Defence Systems & Technologies Ltd. (ADSTL) has announced it has signed the definitive agreements for the acquisition of Air Works, an independent MRO that provides engineering, asset management and safety and technology solutions to the commercial and business aviation communities. Air Works has developed extensive operational capabilities within the country for key defence and aerospace platforms. The company has the largest pan-India network for an Indian MRO with a presence across 27 cities.
Air Works undertakes base maintenance for ATR 42/72, A320 and the Boeing B737 fleet of aircraft from its EASA and DGCA-certified facilities at Mumbai, Delhi, Hosur and Kochi in India. The company is also responsible for conducting the first P-8I aircraft Phase 32 checks to Phase 48 checks and MRO on the landing gear of the Indian Air Force’s Boeing- 737 VVIP aircraft.
“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.” said Ashish Rajvanshi, CEO, Adani Defence & Aerospace.
“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,” he further added.
The Indian MRO market is expected to grow over three times from $1.7bn to $5.0bn by 2030. Air works is the oldest MRO in India with a presence across 27 cities, 6 maintenance bays and 900 plus maintenance experts to provide services to private and government jets which also include defence aircraft. 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, Tamil Nadu, India.
D Anand Bhaskar, MD & CEO, 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.”
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Air Works Group was established in 1951and is the preferred MRO partner to global aviation OEMs, aircraft owners/ operators (including Fixed Wing & Rotary Wing), lessors, airlines and the Indian Defence Services. The company offers 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.
