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Adani's defence subsidiary acquires 51% stake in PLR Systems

Adani Enterprises NSE -0.77 % on Friday said its arm Adani Land Defence Systems and Technologies 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 to the armed forces.

"Adani Land Defence Systems and Technologies Ltd -- a step-down subsidiary of the company -- has acquired 51 per cent equity shares of PLR Systems Private Limited from Fouraces Systems India Private Limited on September 10, 2020," Adani Enterprises said in a regulatory filing to the BSE.

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

The company said: "Through the acquisition of a majority stake in PLR, Adani and IWI (existing shareholder in PLR) shall be able to provide indigenously manufactured defence equipment to the 1.2 million army personnel and an equal number of para military forces and state police forces and shall help achieve self-reliance aligned to the Make in India and Aatmanirbhar Bharat initiative."

The company said it has taken approval from the Ministry of Home Affairs for the acquisition.

The transaction has been completed by way of a cash transaction with one of the existing shareholders of PLR Systems, it said.

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