The deal related to the proposed acquisition of maintenance, repair and overhaul (MRO) company Air Works by Adani Group has been delayed. The reason for this is that a major shareholding company of Air Works has gone into liquidation and due to this there is continuous delay in completion of the deal.
deadline has passed
Sources have told ET that the MoU between Air Works and Adani Group has already expired twice and the last deadline was the fourth quarter of FY 2022-23 to complete the deal.
MoU was signed last year
In October last year, Adani Defense Systems and Technologies, a subsidiary of the Adani Group, signed an agreement to acquire Air Works for a total of Rs 400 crore.
the issue is stuck here
A person aware of this development has informed that the deal related to the acquisition of the company by Adani Group is yet to be completed as Punj Lloyd Group, which holds 23 per cent stake in Air Works, has gone into liquidation. Has been able Lenders to Punj Lloyd Group have failed to find a resolution during the bankruptcy process. Due to this the process of liquidation is going on.
Adani Group still interested in air works
The person said that Adani Group is still interested in this MRO company Air Works. The person said, “The MoU has expired as Air Works has failed to find a solution to the problem where one of its largest shareholder companies, Punj Lloyd, has gone into liquidation and the assets owned by the company will be sold by the bank.” It will be done through due process, it is taking time.
