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Adani Enterprises' defence unit acquires 51% stake in PLR Systems

Capital Market 

PLR Systems makes and supplies defence equipment to the armed forces in in India and abroad.

Adani Land Defence Systems and Technologies, a step down subsidiary of Adani Enterprise, has acquired 51% equity of PLR Systems from Fouraces Systems India on 10 September 2020.

PLR Systems was incorporated in 2013 and is engaged in the manufacture and supply of indigenously manufactured defence equipment to the Armed Forces countries. PLR Systems has an authorised share capital of Rs 13 crore and paid up share capital of Rs 12.04 crore.

Post approval from the Ministry of Home Affairs, Adani completed the transaction by way of a cash transaction with one of the existing shareholders of PLR Systems.

Through this acquisition, Adani will be able to provide indigenous equipment to 1.2 million Army personnel and an equal number of para-military forces and state police forces.

Shares of Adani Enterprises closed 0.77% lower at Rs 295.85 on Friday.

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

The company posted a consolidated net loss stood at Rs 148.65 crore in Q1 June 2020 compared with net profit of Rs 498.67 crore in Q1 June 2019. Net sales tumbled 50.1% to Rs 5,265.19 crore in Q1 FY21 as against Rs 10,561.37 crore in Q1 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, September 12 2020. 15:57 IST