Adani's defence subsidiary acquires majority stake in PLR Systems

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