Adani Defence Acquires Punj Lloyd Defence Unit & Air Works Stake Adani Defence Systems and Technologies Limited (ADSTL) has completed the acquisition of Punj Lloyd Limited’s Defence Unit through a Business Transfer Agreement (BTA) and has also purchased shares in Air Works India (Engineering) Private Limited from Punj Lloyd Aviation Limited. These transactions, finalized on February 28, 2026, are part of a broader acquisition plan for Punj Lloyd, approved by the National Company Law Tribunal (NCLT). The move marks a significant expansion for Adani Group in the defence manufacturing and aviation maintenance (MRO) sectors. The acquisition of Punj Lloyd’s Defence Unit and its stake in Air Works India follows earlier intimation dates of February 12 and 13, 2026, which set the stage for these definitive agreements. The NCLT’s oversight of Punj Lloyd’s liquidation process has enabled ADSTL to secure these assets, which are expected to integrate into Adani’s growing defence portfolio. This step aligns with the Adani Group’s strategy to strengthen its presence in India’s defence and aerospace industries, particularly as the country prioritizes self-reliance in manufacturing. Punj Lloyd Limited, once a major player in global engineering, procurement, and construction (EPC) projects and defence manufacturing, has faced severe financial distress, leading to its insolvency and subsequent liquidation. The transfer of its defence and aviation units to ADSTL provides a pathway for these assets to be revitalized under new management. For stakeholders, the acquisition offers clarity and potential asset realization as part of the NCLT-mandated resolution process.#national_company_law_tribunal #adani_defence_systems_and_technologies_limited #punj_lloyd_limited #air_works_india_engineering_private_limited #hindustan_aeronautics_limited
