Adani Enterprises gains as subsidiary announces acquisition

Adani Enterprises gained 2.04% to Rs 301.90 on BSE after its step down subsidiary Adani Land Defence Systems and Technologies has acquired 51% equity shares of PLR Systems from Fouraces Systems on 10th September 2020.

Sep 14, 2020 09:09 IST capital market

PLR Systems was incorporated in 2013 and is engaged in the manufacture and supply of indigenously manufactured defence equipment to the Armed Forces countries. The transaction has been completed by way of a cash transaction with one of the existing shareholders of PLR Systems. PLR Systems has an authorised share capital of Rs 13 crore and paid up share capital of Rs 12.04 crore.

Through this acquisition, Adani will be able to provide indigenously manufactured defence equipment to 1.2 million Army personnel and an equal number of para-military forces and state police forces and shall help achieve self-reliance aligned to the Make in India and Atma-Nirbhar Bharat initiative.

Adani Enterprises has a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.

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