Adani Defence Systems and Technologies Ltd (ADSTL), part of Adani Enterprises, has signed a business transfer agreement to acquire Punj Lloyd Ltd’s defence unit in Malanpur, Madhya Pradesh. This transaction involves a slump sale, transferring Punj Lloyd’s manufacturing facility to ADSTL. This strategic move is set to bolster Adani Group’s position in the defence manufacturing sector, enhancing production capabilities and expanding its role in the domestic defence ecosystem.
Additionally, ADSTL is acquiring a 14.2% stake in Air Works India (Engineering) Private Ltd from Punj Lloyd Aviation Ltd. ADSTL already owns 85.76% of Air Works, and with this acquisition, its stake will rise to 99.98%. This expansion further solidifies ADSTL’s influence in the aviation and defence sectors.