Adani Enterprises Limited has informed the Exchange about Intimation for signing of Share Purchase Agreement by Adani Defence Systems & Technologies Ltd ( ADSTL ), a wholly owned subsidiary of the Company with Punj Lloyd Aviation Ltd ( PLAL ).
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Adani Enterprises' wholly owned subsidiary, Adani Defence Systems & Technologies Ltd (ADSTL), has signed a Share Purchase Agreement on March 1, 2026, to buy an additional 14.2% stake in Air Works India (Engineering) Private Ltd from Punj Lloyd Aviation Ltd (PLAL). ADSTL already holds 85.76% in Air Works, and after this acquisition its stake will rise to 99.98%, making Air Works a virtually wholly-owned subsidiary. The transaction is not a related party deal and no new shares are being issued. Air Works operates in the aviation MRO (maintenance, repair, and overhaul) space, sitting within Adani's defence and aerospace portfolio.
This is a consolidation move rather than a fresh acquisition — it tightens Adani's grip on its aviation services business and simplifies the ownership structure of Air Works. For Adani Enterprises shareholders, the impact is largely neutral; it does not change the group's overall business but removes a minority stakeholder and gives near-total operational control.