Adani makes big deal in defense sector, big plan from India to UAE

Adani Group company- Adani Defense & Aerospace has entered into a major deal with EDGE Group. Under this the company can set up research and development facilities in India and UAE. Let us tell you that Adani Defense is a company of Adani Enterprises. It is the flagship company of Adani Group. As for Adani Enterprises shares, it rose nearly 1 percent to Rs 3,264.

What the company said

Adani Defense and Aerospace has signed a cooperation agreement with UAE-based EDGE Group, Adani Enterprises said. The purpose of the agreement is to leverage the defense and aerospace capabilities of both companies to establish a global platform to bring together their respective product portfolios, the company said. It will fulfill the needs of global and local customers.

The company said the agreement will also see the establishment of research and development facilities in India and the UAE, development of defense and aerospace solutions, manufacturing and maintenance facilities to serve the two captive markets, the South East Asian and broader global markets. Ashish Rajwanshi, CEO, Adani Defense & Aerospace said – Our collaboration is about advancing defense capabilities and technical skills.

Adani Enterprises plans to raise funds

Recently, the board of Adani Enterprises Limited raised Rs. 16,600 crore (about $2 billion) has been allowed to be raised. This amount can be increased in one or more installments. For this, Adani Enterprises has called a meeting of shareholders on June 24.

How were the March quarter results?

In the January-March quarter, Adani Enterprises’ profit fell 37 percent to Rs. 450.58 crores. Due to increase in the cost of raw material, its profit has decreased. Profit for the January-March quarter of FY 2023-24 was Rs. 450.58 crore while in the same period last financial year it was Rs. 722.48 crores.

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