MUMBAI: Adani Land Defence Systems and Technologies Ltd, a step down subsidiary of Adani Enterprises, has bought 51% stake in the small arms business of Gwalior-based PLR Systems in an all-cash transaction. PLR Systems produces machine guns, carbines and other weapons for domestic and export markets. In a stock exchange filing, Adani Land Defence Systems and Technologies Ltd said it has acquired 51% of shares of PLR Systems Private Ltd from Fouraces Systems India Private Ltd on Thur. Adani Defence said it has already received approval from the Ministry of Home Affairs for the acquisition. Adani Defence & Aerospace and Elbit have agreed to set up a design and development center focusing on co-developing defence technologies aligned to the global requirements.

Source: Mint September 11, 2020 12:33 UTC