Adani Enterprises to make drones with Israeli firm

Forms joint venture where the flagship company of Adani Group will hold 51% stake

Adani Enterprises on Tuesday informed BSE that it has formed a joint venture with an Israeli firm Elbit Systems for manufacturing unmanned aerial vehicles, popularly known as drones.

The new venture will be called Adani-Elbit Advanced Systems India Limited (AEASIL).

"Adani Enterprises Limited and Elbit Systems Limited., Israel have incorporated a JVC namely, 'Adani-Elbit Advanced Systems India Limited' (AEASIL) on November 7, 2016," the flagship company of Adani Group told BSE in its filing

Adani Enterprises will hold 51 per cent stake in the joint venture, while the Israeli firm Elbit will own the rest 49 per cent.

To operate in the Aerospace and Defence Manufacturing sector, the new JV company will be operating out of Ahmedabad. Adani Enterprises also informed BSE in its filing on Tuesday that the cost of acquisition of shares came to around Rs 51000 by way of 5100 equity shares issued for Rs 10 each.

Adani Enterprises was trading at Rs 64.50 per share on BSE on Tuesday, up by 2.30 per cent or Rs 1.45 apiece, following the announcement.