The Adani Group-owned Horizon Aero Solutions Ltd, which is a step-down subsidiary of Adani Enterprises Ltd, has acquired 100% shareholding in ITPL through a share purchase agreement, according to a stock exchange filing made late Friday.
According to the official statement, this landmark partnership will establish a fully integrated helicopter manufacturing ecosystem in India, addressing surging military demands and propelling the nation toward self-reliance in helicopter production.
As per the MoU, Embraer and Adani Defence plan to establish an aircraft assembly line in India, followed by a phased increase in indigenisation.
However, an Adani spokesperson refused to comment, confirm or deny the development.
Horizon Aero Solutions Ltd is a 50-50 joint venture between Adani Defence and Prime Aero, a company owned by Prajay Patel, who also serves as the director of Indamer Technics Pvt Ltd.
Gautam Adani, chairman of the Adani Group, on Tuesday addressed shareholders at the company’s Annual General Meeting (AGM), reaffirming the group’s commitment to nation-building, while firmly stating that no one from the Adani Group has been charged under the U.S. Foreign Corrupt Practices Act (FCPA).
Adani Defence & Aerospace announced on Monday that it has signed a binding agreement to acquire Air Works, India’s largest private-sector maintenance, repair, and overhaul (MRO) company, for an enterprise value of Rs 400 crore.
