Adani Enterprises on Friday announced its subsidiary has acquired a majority stake in PLR Systems, a defence equipment maker.
Adani Land Defence Systems and Technologies acquired 51 per cent equity shares of PLR Systems from Fouraces Systems. The transaction was completed by way of a cash transaction with one of the existing shareholders of PLR Systems, the company said.
“Through the acquisition of a majority stake in PLR, Adani and IWI (existing shareholder in PLR) shall be able to provide indigenously manufactured defence equipment to the 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,” said Adani Enterprises in a BSE note.
PLR Systems, incorporated in 2013, is engaged in the manufacture and supply of indigenously manufactured defence equipment to the armed forces in India and other countries. The statement said, PLR Systems' authorised share capital is Rs 13 crore and paid-up share capital stands at Rs 12.04 crore.
In its annual report for FY20, Adani Enterprises said, “We view the defence and aerospace sector as a key sector for the Indian economy and intend to transform India into a destination for world class defence and aerospace manufacturing.”