Adani Group to buy 6 Pilatus PC-24 business jets for top executives: Report

The deal would cost Adani Group over Rs 300 crore for all six aircraft since the purchase is from the resale market

The Adani Group is in the process of buying six Pilatus PC-24 aircraft in a bid to double its business jet fleet, Livemint reported on Thursday. The move is aimed at ensuring sufficient aircraft for the transportation of the multinational conglomerate’s top executives.

This decision is a part of the group's revitalised expansion plan after getting the Supreme Court’s judgement on the allegations of business malpractice levelled by US-based short seller Hindenburg Research.

Karnavati Aviation, the aviation arm of the Adani Group responsible for housing all its jets, will acquire the aircraft from the resale market.

A top executive, who did not wish to be identified, was quoted in the Livemint report as saying that the deal would cost the company over Rs 300 crore for all six aircraft since the purchase is from the resale market.

Pilatus PC-24 aircraft features

The Pilatus PC-24 is branded as a “super versatile jet” by its maker Pilatus Aircraft of Switzerland. The aircraft has a cargo capacity of 1,406 kg and can go up to an altitude of 45,000 feet. The 10-seater aircraft has a maximum cruise speed of 440 Knots True Airspeed (KTAS) according to the company.

Also Read: Adani Power Q3 results: Net profit rises multi-fold to Rs 2,738 crore

At present, the group's aviation fleet consists of six private jets, including two Embraer Legacy 650s, and one each of Bombardier Global 6500, Bombardier Challenger 605, Hawker Beechcraft 850, and Beechcraft B-200. Additionally, the fleet includes two helicopters.

What was Adani Group-Hindenburg controversy?

On January 24 last year, the US investment research firm accused billionaire Gautam Adani’s group of potential stock manipulation and accounting fraud.

A year later on January 3 this year, the apex court ruled that the Adani Group does not need to face more investigations beyond the current scrutiny of the market regulator, the Securities and Exchange Board of India (Sebi).

The top court directed the Sebi to close the investigation in three months, providing a major relief to the business tycoon. Adani hailed the verdict as the “truth” prevailing.