Adani’s defence subsidiary acquires 51% stake in PLR Programs

NEW DELHI: Adani Enterprises on Friday mentioned its arm Adani Land Defence Programs and Applied sciences Ltd has acquired 51 per cent stake in PLR Programs Personal Ltd.

PLR Programs was included in 2013 and is engaged in manufacturing and provide of indigenously constructed defence tools to the armed forces.

“Adani Land Defence Programs and Applied sciences Ltd — a step-down subsidiary of the corporate — has acquired 51 per cent fairness shares of PLR Programs Personal Restricted from Fouraces Programs India Personal Restricted on September 10, 2020,” Adani Enterprises mentioned in a regulatory submitting to the BSE.

PLR Programs has an authorised share capital of Rs 13 crore and paid up share capital of Rs 12.04 crore, it mentioned.

The corporate mentioned: “Via the acquisition of a majority stake in PLR, Adani and IWI (present shareholder in PLR) shall have the ability to present indigenously manufactured defence tools to the 1.2 million military personnel and an equal variety of para navy forces and state police forces and shall assist obtain self-reliance aligned to the Make in India and Aatmanirbhar Bharat initiative.”

The corporate mentioned it has taken approval from the Ministry of Residence Affairs for the acquisition.

The transaction has been accomplished by means of a money transaction with one of many present shareholders of PLR Programs, it mentioned.