The Adani Group has made a non-binding offer of 462 crores to purchase Air Works, one of India’s oldest maintenance and repair companies for aircraft.
According to the previously quoted persons, the offer by the Adani group for Airworks is contingent upon satisfactory due diligence being completed and may be changed upwards or downwards following the due diligence.
Adani Group Bid for Air works
The acquisition of Air Works has been the focus of discussions led by a team from Adani’s defense and aerospace division. The preceding citations included a number of sites that said the due diligence was “progressing effectively.”
The Indian Specific published the first article about the probable agreement on May 29.
Till publication, Adani and Air Works had not responded to inquiries.
In 1951, the family of Ravi Menon founded Air Works. The Menon family is one of the company’s four major shareholders.
Together, Aviation, GTI Capital, and a worker welfare trust own all of the company’s shares.
“Air Works has been operational for five years. In 2017, its stockholders made an effort to advance the corporation. It’s a fantastic company, but they made a lot of misguided foreign investments”A funding banking official said on the condition of anonymity
As part of its acquisition of Aero Approach Espace in 2013, Air Works bought a majority interest in Air Livery, the largest aircraft refinishing company in Europe, together with its painting facility in Toulouse, France, which is close to the Airbus manufacturing complex, in 2010.
The enterprise case, however, was unable to be justified because the purchase did not go as expected.
“They needed to concentrate just on the Indian market”. An important aviation industry government said on condition of anonymity that the likelihood was significant at this point.
Recently, Air Works Group delivered the 6th Boeing p-8I to the Indian Navy.
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