Adani's new bid into the world of aviation

Gautam Adani is setting his sights on aviation but not on the skies but on the ground. Reports indicate Adani Group has made a Rs 462 crore non-binding offer to acquire Air Works, one of India's oldest aircraft maintenance and repair companies

ET reports that due diligence was "progressing well" citing unnamed sources. Adani group's defence and aerospace division is looking at acquiring Air Works that has been in 'the market' for for the last 5 years as per investment bankers' buzz.

Founded in 1951 by P S Menon and late B G Menon, Air Works provides aviation maintenance, repair and overhaul (MRO) services in India, and aircraft paint and refinishing services in Europe through its subsidiaries