Air Works Aims for Expanded Footprint, Boosts Adani Group’s MRO Ambitions.

Air Works is set to expand its aircraft maintenance, repair, and overhaul (MRO) facilities after its recent ₹400 crore acquisition by the Adani group. The deal, finalized last week, marks a significant step for Air Works, the second-oldest private MRO provider in India, which already operates hangars in Mumbai, Hosur, and Kochi. The acquisition by Adani provides Air Works with enhanced financial strength and greater access to more airports across the country.

This acquisition also marks the Adani group’s entry into the civil aviation MRO sector, positioning it to compete with state-owned AIESL, GMR Aero Technic, and Indamer Aviation.

“We are exploring opportunities to further strengthen our capacity across the country to be closer to our customers and offer them greater choices,” said Air Works MD & CEO, D Anand Bhaskar, in an e-mail statement.

Last Monday, Adani Defence and Aerospace signed a share purchase agreement to acquire 85.8% of Air Works. This deal will result in the exit of the current investors, including private equity funds and the founding Menon family, and is expected to be completed within a month. The MRO’s senior management will remain unchanged.

“Adani Group has ambitions to become a significant player in the MRO business. We will collaborate with Adani Defence and Aerospace to expand MRO facilities at various airports,” said Arun Bansal, CEO of Adani Airport Holdings Limited.

While Air Works is well-equipped with the necessary regulatory approvals and expertise, it has focused on growing its component overhaul and defense MRO business, areas in which India’s MRO industry has been relatively underdeveloped. Bhaskar mentioned that the company has recently entered into a strategic partnership with Ingeniería Semasa, a Spanish firm, to enhance its component maintenance capabilities, especially for Airbus aircraft like the C295 and multi-role tanker transport aircraft.

Air Works is also working towards maximizing its hangar utilization and aims for an 18-25% increase in revenue. One of the challenges the company faces is high attrition rates, as many engineers and technicians seek employment overseas. However, Bhaskar is optimistic that the expansion of India’s aircraft fleet and increasing local opportunities will slow this trend. To address the issue, Air Works is investing in training programs to build a stronger workforce.

HBL