Indian coal mining to oil and gas exploration company Adani Enterprises Ltd. has purchased Alpha Design Technologies Pvt. Ltd., a defense electronics and avionics firm, for 400 crore rupees ($55.6 million).
The all-cash transaction was done via Adani Enterprises’ wholly-owned subsidiary, Adani Defence Systems and Technologies Ltd.
The company said that the Alpha Design purchase provides its defense unit with a strong base for graduating to platform capabilities.
Alpha Design’s consolidated revenue stood at $30.3 million for the year through March 2018, up from $29.2 million the previous year.