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Adani’s defence subsidiary acquires 51% stake in PLR Systems
NEW DELHI: Adani Enterprises on Friday claimed its arm Adani Terrain Defence Systems and Solutions Ltd has acquired 51 per cent stake in PLR Systems Private Ltd.
PLR Systems was incorporated in 2013 and is engaged in manufacturing and supply of indigenously built defence equipment on the armed forces.
“Adani Land Defense Systems and Technologies Limited — a step-down subsidiary of the company — provides acquired 51 per cent value shares of PLR Systems Private Constrained from Fouraces Systems India Private Limited on September 10, 2020,” Adani Enterprises claimed in a regulatory completing to the BSE.
PLR Systems has an authorised share funds of Rs 13 crore and paid up reveal capital of Rs 12.04 crore, it claimed.
The company said: “Through the acquisition of a majority stake in PLR, Adani plus IWI (existing shareholder in PLR) shall be able to offer indigenously manufactured defence devices to the 1.2 , 000, 000 army personnel and the same number of para military makes and state police makes and shall help attain self-reliance aligned to the Produce in India and Aatmanirbhar Bharat initiative.”
The company said it has used approval from the Ministry associated with Home Affairs for the obtain.
The transaction has been completed by way of cash transaction with one of many existing shareholders of PLR Systems, it said.