Adani Enterprises Subsidiary Raises Stake in Air Works to 99.98%

Adani Enterprises Limited has announced that its wholly owned subsidiary, Adani Defence Systems and Technologies Limited (ADSTL), has completed the acquisition of an additional 14.2% effective shareholding in Air Works India (Engineering) Private Limited. Following this acquisition, ADSTL’s total stake in Air Works has increased from 85.76% to 99.98%.

The company received confirmation of the transaction on March 11, 2026. The acquisition further consolidates the Adani Group’s presence in the aviation services sector.

Details of the Acquisition

The additional stake in Air Works was acquired from Punj Lloyd Aviation Limited. The transaction was completed through a cash consideration, based on an enterprise valuation of approximately ₹400 crore, subject to closing adjustments.

The acquisition does not fall under related party transactions. Air Works already operated as a subsidiary of ADSTL prior to the latest transaction, and the deal has now increased the subsidiary’s ownership to nearly full control.

About Air Works and Its Business

Air Works India (Engineering) Private Ltd is engaged in aircraft Maintenance, Repair, and Overhaul (MRO) services. Established in 1951, the company is considered one of India’s largest privately owned aviation services providers.

Air Works works with aircraft owners, airlines, original equipment manufacturers, and lessors in India as well as international markets. Its operations span multiple aviation support services, making it a key player in the country’s MRO ecosystem.

The company has demonstrated steady financial growth in recent years. Its audited revenues stood at ₹354 crore in FY 2022–23 and ₹356 crore in FY 2023–24, before rising significantly to ₹571 crore in FY 2024–25.

Strategic Objective of the Acquisition

The main objective behind the transaction is to strengthen the group’s footprint in the aircraft services and aviation maintenance sector. Increasing the stake in Air Works allows ADSTL to deepen its control over the business and align it more closely with its long-term aerospace and defence strategy.

Business Transfer Agreement for Defence Unit

Adani Enterprises also informed the exchanges about the agreement was signed between Adani Defence Systems & Technologies Ltd (ADSTL), a wholly owned subsidiary of the company, and Punj Lloyd Ltd for the transfer of Punj Lloyd’s defence unit located in Malanpur, Madhya Pradesh. 

Under the terms of the agreement, the defence manufacturing facility will be transferred to ADSTL, strengthening the Adani Group’s presence in the defence manufacturing and technology sector. The agreement has been amended from time to time as part of the transaction process.

Adani Enterprises Stock Price Today

On March 12, 2026, Adani Enterprises share price opened at ₹1,960.00, touching the day’s high at ₹2,025.70, as of 11:29 AM on the NSE.

Also Read: Adani Enterprises Share Price in Focus as Arm Acquires Remaining Stake in DP Jain TOT Toll Roads!

Conclusion

The acquisition marks another step by Adani Enterprises to expand its capabilities in the aviation services and MRO segment. By raising its stake in Air Works to nearly full ownership, the company aims to strengthen its presence in India’s growing aerospace and aircraft maintenance industry.

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