Latest news with #AARIndamer

Time of India

Adani Defence, Prime Aero form joint venture to acquire AAR Indamer MRO at Mihan

Nagpur: Adani Defence and Aerospace has formed a joint venture entity with Prime Aero, a company headed by NCP leader Praful Patel's son Prajay, to acquire AAR Indamer Technics Private Limited. Coincidentally, Prajay is also a director in AAR Indamer. Together, Adani Defence and Prajay's company Prime Aero Services LLP have formed a new entity, Horizon Aero Solutions Limited, to buy AAR Indamer now. AAR Indamer runs an aircraft maintenance, repair, and overhaul (MRO) depot in Mihan-SEZ in the city. Indamer started operations in 2021, emerging as the second MRO depot in the SEZ. The facility caters to Airbus aircraft. A couple of years ago, the company also announced plans to take up the overhaul of helicopters. Currently, it caters to Indigo Airlines, Vistara and Air India. A press release issued by Adani Group says, "Adani Defence and Aerospace, in partnership with Prime Aero, signed a binding agreement to acquire a 100% stake in Indamer Technics Private Limited. The investment is made through Horizon Aero Solutions Limited, a 50:50 venture between Adani Defence and Aerospace along with Prajay Patel-owned Prime Aero." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo Indamer's facility in Nagpur spans over 1.20 lakh square meters. Adani Group sees it as a strategic acquisition, expanding its business into the aircraft maintenance business. The facility has a capacity to accommodate 15 aircraft bays across 10 hangars. It has approvals from DGCA, FAA, and other global civil aviation regulators, the press release said. "With Indian aircraft carriers set to induct more than 1,500 aircraft, we are at the cusp of a new era of aviation. The acquisition is the next step towards the company's push to establish India as a premier global MRO destination. The plan is to create a single-point aviation services platform," said Jeet Adani, director of Adani Airports. Commenting on the development, Adani Defence and Aerospace CEO Ashish Rajvanshi said the acquisition further strengthens the company's capabilities in the MRO segment. Nagpur's location at the centre of the country also adds value by bolstering the MRO's pan-India footprint. "The collaboration brings together deep-rooted engineering excellence and growth capital," commented Prajay. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.