Kochhar & Co advised Adani Defence Systems & Technologies Limited (ADSTL) in its acquisition of 85.8% stake in Air Works, India’s largest private sector Maintenance Research and Overhaul (MRO) company, at a value of ₹400 crore.
The transaction team of Kochhar & Co consisted of Nishant Arora (Partner) and Shrishty Anand (Associate).
The firm acted as legal advisor to ADTSL in the execution of transaction documents. Kochhar & Co advised ADSTL on all legal aspects of the transaction, including the review, drafting, negotiation, and finalization of the transaction documents.
The deal is expected to enable Adani Group to enhance its service offerings, which will include line maintenance, heavy checks, interior refurbishment, painting, avionics upgrades, and asset management services for both Indian and global customers.
Ashish Rajvanshi, CEO of Adani Defence and Aerospace, stated that this acquisition is a commitment to building an integrated aviation services ecosystem that supports India's defence infrastructure. The move also reflects the Indian government's push for indigenization in defence capabilities as part of its goal to become a net defence exporter.
ADTSL, a key arm of the Adani Group, focuses on bolstering India's defense and aerospace capabilities. The company operates across multiple verticals, including defense manufacturing, unmanned aerial systems, and maintenance, repair, and overhaul (MRO) services for military equipment. Its portfolio includes collaborations for advanced radar systems, small arms production, and aerospace components, positioning the company as a critical player in India's defense modernization efforts.
Founded in 1951, Air Works is India’s oldest and most established MRO organisation. With a presence in over 27 cities, Air Works caters to a wide spectrum of aviation needs, including commercial airlines, business jets, and defence aircraft. Renowned for its technical expertise, the company provides services such as aircraft painting, cabin refurbishment, and heavy maintenance checks. Air Works has also been a trusted partner for the Indian Air Force, maintaining assets like the Boeing P-8I fleet. With a rich legacy and a strong foothold in the aviation sector, Air Works has played a pivotal role in developing India’s indigenous aviation ecosystem.
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