Diversified conglomerate Adani Group’s flagship firm Adani Enterprises Ltd will make unmanned aerial vehicles (UAVs), also known as drones, in joint venture with Israeli firm Elbit Systems.
The joint venture company named Adani-Elbit Advanced Systems India Ltd (AEASIL) will be headquartered in Ahmedabad. AEL and Elbit Systems Ltd will have equity in the ratio of 51:49 in the company. The joint venture is yet to commence business operations, a company statement informed.
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The company, formed on November 7, will mark the Adani Group’s foray into the defence and aerospace manufacturing sector. The group has interests in ports, energy, mining and trading.
Earlier this year in March, Adani Group had announced a tie-up with defence electronics player Alpha Design Technologies to work on UAVs through the group’s wholly-owned subsidiary Adani Aero Defence.
AEL shares traded positive with gains of over 2.3 per cent at Rs 64.60 on the National Stock Exchange (NSE) during afternoon trades.