Air Works signs binding share purchase agreement with Adani defence & aerospace

25 Dec 2024

NEW DELHI / INDIA: In a landmark development for Indian aviation, Air Works Group - India’s largest independent aviation services & MRO major, and Adani Defence and Aerospace have signed a binding Share Purchase Agreement that could eventually see Air Works becoming an integral part of the Adani Group - which has an extensive presence in aviation covering both Defence and the Civil side - via its subsidiary.

The successful closure of the transaction, that values Air Works Group at an enterprise value of INR 400 Crore, is subject to the fulfilment of certain conditions and obtaining necessary approvals.

A market leader in the aviation MRO industry with a rich and enviable legacy of 75 Years, Air Works Group has been playing an active and invaluable role in guiding the evolution and gradual transformation of the indigenous MRO ecosystem to make it increasingly Atmanirbhar.

Staffed by 1000+ highly-experienced and skilled technical resources across a mammoth, pan-India network of 27 cities - including a Line Maintenance presence at 19 international airports that handle >85% of India’s civil aviation traffic - has enabled the Group to become the leader in providing international line maintenance services to over 30+ international customers - as well as a trusted partner to leading aviation OEMs such as Boeing, Embraer, Textron, Leonardo and Honeywell, enabling it to localize several aspects of the aviation maintenance ecosystem, in support of the Honourable PM’s clarion call to indigenize manufacturing as well as the Engineering & Maintenance services in pursuit of making India a MRO Hub.

Commenting on the historic development, Mr D Anand Bhaskar, MD & CEO of Air Works Group, said, “Air Works has played a fundamental and vital role in the development of Indian civil aviation since 1951, including grooming an exceptional set of people that have evolved in an entire industry (MRO) who are certified and equipped to maintain the airworthiness of a host of aircraft that span generations - from piston-engined to those with propellors and even jet engines.”

He further added, “Air Works has proven capabilities and an impeccable legacy, having successfully delivered several India-first and industry-first projects. Complementing Air Works’ expertise and services portfolio with the Adani Group’s ambitious presence in both Defence and Civil aviation will create an unassailable entity that possesses a comprehensive suite of offerings, and actively champions nation-building and self-reliance. 2024 has been an incredible year for Air Works and as we step into our 75th Anniversary year, the time is right for us to address emerging opportunities with greater agility and scale, given that the acquisition will spur the realization of synergies across several areas leading to speedier execution, faster collaboration, business growth and market dominance as a result of creating capabilities and capacities that are oriented towards taking India to the world.”

From the first P-8I aircraft Phase 32 checks for Indian Navy, to maintaining Indian Air Force’s 737 VVIP aircraft, and re-designing and re-configuring IAF’s Mi-17 V5 transport helicopters into a VVIP configuration, Air Works has developed extensive indigenous operational capabilities for key defence and civil aviation platforms. The Group also undertakes base maintenance for A320, B737, and ATR 42/72 fleet of aircraft, from its EASA and DGCA[1]certified facilities at Mumbai, Delhi, Hosur and Kochi. Its legacy of 75 years has seen it consistently maintaining about 40+ different business aircraft platforms including fixed-wing and rotary-wing machines from Bell Textron, Leonardo, Gulfstream, Embraer, Dassault, Bombardier, as well as the Hawker and Beechcraft series, making us a leading player in the Business Aviation MRO segment.

In another significant development that undoubtedly strengthens the country’s defense MRO capabilities, Air Works Group recently entered into a strategic partnership with Ingeniería Semasa, Spain to help bring its component maintenance expertise to Group’s established aircraft maintenance operations, enabling it to provide comprehensive support to its clients. The partnership will address the growing demand for high-quality, reliable MRO solutions across Europe, India, and other international markets. Specifically, the collaboration will allow the creation of Components Repair Capabilities for Airbus products (C295, MRTT…) with the quality standards of Europe under EASA approval.

Air Works Group continues to provide Avionics upgrades for civil and defence platforms via SA Air Works (JV with Scandinavian Avionics), and aircraft finishing services (Painting and Cabin & Interior solutions), aside from other MRO-related offerings such as CAMO and Maintenance Training through Air Works Aviation Academy.

AIR WORKS GROUP

Established in 1951, Air Works Group is India’s biggest and highly diversified independent MRO with the largest pan India network presence across 27 cities. It is the preferred MRO partner to global aviation OEMs, aircraft owners/operators (including fixed-wing & rotary-wing), lessors, airlines, and the Indian Defense Services, offering a host of services including MRO and heavy checks, line maintenance, cabin interior solutions, 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.

Specialized services such as avionics, component repairs, and asset management services are offered via Group companies – SA Air Works and Acumen Aviation. Air Works undertakes base maintenance for ATR 42/72, A320, and B737 family of aircraft as well as medium and large business jets at its EASA and DGCA-certified facilities including Mumbai, Delhi, Hosur, and Kochi, supported by duly certified, in-house shops. The Company also undertakes modification and assembly of rotary-wing aircraft and is an Authorized Service Centre (ASC) for Bell and Leonardo helicopters.

Air Works enjoys an impeccable reputation in the industry for proven capabilities, outstanding workmanship, quality, and an exceptional safety orientation. The Company takes immense pride in its 71-Year aviation legacy and a culture that accords paramount importance to customers, which has allowed it to successfully deliver several India-first and industry-first projects. The Group is the recipient of several industry awards and was recently adjudged the Best MRO Service Provider by the Ministry of Civil Aviation, Govt. of India. For more details, visit https://www.airworks.aero