Hindenburg side effect: adani group deal with mro firm air works stuck again

New Delhi:After the report of American short seller firm Hindenburg, Adani Group’s difficulties are not taking its name. After the arrival of this report, one deal after another is coming out of the hands of the Adani group. After venturing into the aviation sector, Adani is now preparing to enter the Maintenance, Repair and Overhaul (MRO) business. Last year itself, he had made a plan to acquire Air Works for this, but the deal got stuck after the Hindenburg report.

deal stuck again

Adani group made preparations for the acquisition of Air Works company last year. For this, all the conditions were fixed with the company, but now once again this deal worth 400 crores is stuck. Punj Lloyd Group, a major shareholding company of Air Works, is on the verge of bankruptcy, due to which the deal is getting delayed.

Nice 400 crore deal

Adani also signed an MoU to buy Air Works, but its deadline has passed twice. A deal worth Rs 400 crore was signed between the two companies last year, but now it is getting delayed due to Punj Lloyd Group. The last deadline of this deal has ended in January-March 2023. Due to the continuous delay in this acquisition, the matter may get worse.

Focus on reducing debt

Significantly, after Hindenburg’s revelations, Adani Group’s focus is more on repaying debt than expanding business. At present, the company has put brakes on expansion plans and its entire focus is on reducing debt. Even before this, many big deals have gone out of the hands of the company.