Newsletter
Adani Enterprises has acquired an 85.1% stake in Air Works India through its defence arm for ₹400 crore in an all-cash transaction.
Gurugram-based Air Works is India’s largest private aviation services and Maintenance, Repair, and Overhaul (MRO) company, serving OEMs, airlines, lessors, and aircraft owners across India and abroad.
What’s up: Adani is betting big on the MRO segment, which is expected to grow rapidly as India’s aviation sector expands.
The why: in 2022, Air Works teamed up with Boeing to service P-8I aircraft for the Indian Navy at its Hosur facility showcasing its defence MRO capabilities. The company operates in 35 cities, with major hubs in Hosur, Mumbai, and Kochi.
Revenue rose from ₹293 crore in FY22 to ₹354 crore in FY23, up 21% year-on-year.
Zoom out: This move ties neatly into Adani’s broader aviation strategy. The group already controls India’s largest private airport network, managing hubs like Mumbai, Ahmedabad, Lucknow, and six others. By acquiring Air Works, Adani now adds aircraft MRO capabilities to its portfolio.
Together, airport operations plus MRO create a vertically integrated aviation ecosystem, allowing the group to tap into every stage of the aviation value chain from terminals to tarmacs to hangars.
