Adani Enterprises announced that its defence subsidiary, Adani Defence & Aerospace has signed a milestone cooperation agreement with EDGE Group for combining their expertise in missiles, weapons, unmanned platforms, and cyber systems.
EDGE Group, one of the worlds leading advanced technology and defence groups in the UAE. It has established to develop agile, bold and disruptive solutions for defence. .The agreement aims to establish a global platform leveraging the defence and aerospace capabilities of both companies to bring together their respective product portfolios and cater to the requirements of global and local customers.
This includes evaluating cooperation across EDGEs and Adanis core product domains, including missiles & weapons covering airborne, surface, infantry, ammunition, and air defence products, platforms & systems covering unmanned aerial systems (UAS), loitering munitions, counter drone systems, unmanned ground vehicles (UGV), as well as electronic warfare (EW) and cyber technologies.
The said agreement will explore the establishment of research and development (R&D) facilities in India and the UAE; the setting up of development, production, and maintenance facilities of defence and aerospace solutions to not just serve the two captive markets, but also Southeast Asian and wider global markets.
Ashish Rajvanshi, CEO, Adani Defence & Aerospace, said, Our collaboration marks the beginning of a new era in enhancing defence capabilities, emphasizing our commitment to advance technological prowess and promoting bilateral defence cooperation between India and the UAE. It is a reflection of our shared vision to fortify our nations capabilities by not just delivering cutting-edge solutions for the two countries but also setting new benchmarks in the global defence landscape.
Hamad Al Marar, managing director and chief executive officer, Edge Group, said: "Our agreement with Adani Defence & Aerospace, represents a significant milestone, strengthening our ties within Indias defence industry, and underscoring our mutual commitment to advancing UAE-India military ties. This agreement reflects our dedication to bringing our customers the most advanced and sophisticated products to the market, while taking advantage of the global export potential including critical UAE-grown technology. We are keen to setup the joint platform between Adani Defence and Edge to pioneer new technologies and set new standards in advanced military equipment and defence sector.
Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.
The company's consolidated net profit fell 37.63% to Rs 450.58 crore in Q4 FY24 as compared with Rs 722.48 crore posted in Q4 FY23. However, the revenue from operations increased marginally to Rs 29,180.02 crore in Q4 FY24 from Rs 28,943.84 crore recorded in Q4 FY23.
The scrip rose 0.72% to currently trade at Rs 3,241.55 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
