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Adani Enterprises subsidiary forms 56:44 defence joint venture with Bulgarian company

Adani Enterprises subsidiary forms 56:44 defence joint venture with Bulgarian company

Adani Enterprises subsidiary forms 56:44 defence joint venture with Bulgarian company
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By CNBCTV18.com Jan 23, 2023 9:59:00 AM IST (Published)

Adani Enterprises has formed a defence JV just a few days after Saab said it has not renewed its MoU with the group.

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Adani Enterprises Ltd. on Saturday said that one of its subsidiaries has incorporated a joint venture (JV) company with Bulgaria’s Armaco JSC to enter the defence business.

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In a notification to exchanges, Adani Enterprises said that its step-down subsidiary Agneya Systems Ltd (ASL) and Armaco JSC have incorporated a JV company, Armada Defence Systems Ltd, in the ratio of 56:44 respectively.


Armada Defence has been incorporated in India and registered with the Registrar of Companies in Ahmedabad.

Adani Enterprises added that Armada Defence Systems is incorporated with the objective of manufacturing various types of products and parts to fulfil the needs of the Indian Armed Forces as part of the Atmanirbhar Bharat vision.

Last week, Swedish aerospace and defence company Saab said that it did not renew its memorandum of understanding (MoU) with the Adani Group for manufacturing brand-new Gripen E fighter jets in India.

“Our MoU with Adani Group expired in 2019 and has not been renewed. Saab is waiting for the next step in the Indian Air Force fighter acquisition process. We are looking forward to the formal process to start,” Mats Palmberg, chairman and managing director of Saab India told CNBC-TV18.

On August 31, 2017, Saab and Adani Group announced entering into an agreement to manufacture Gripen E fighter planes in India. The agreement said that Adani would be Saab’s partner if the Swedish company is chosen to supply the Gripen E fighter jets to India.

Shares of Adani Enterprises are trading 0.3 percent lower at Rs 3,445.25. The stock is down for the fourth straight day and has declined in five out of the last six trading sessions.
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