Indian group Adani has expanded its defence industrial capabilities through the acquisition of Bangalore-headquartered Alpha Design Technologies Limited (ADTL), Adani said in a filing to the Bombay Stock Exchange on 13 December.
The transaction is valued at about INR4 billion (USD56 million), making it one of India's largest defence industry acquisitions in recent years. Adani said the deal features its purchase in cash of more than 13.3 million shares at a premium of INR290.37 per share.
Adani said the acquisition was channelled through its defence subsidiary - Adani Defence Systems and Technologies Limited - and that it will provide Adani with "strong tier-one capabilities" in defence.
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