Israel-based defence electronics company Elbit Systems Ltd. has picked up a 44% stake in an Adani Defence Systems and Technologies Ltd. unit to develop and manufacture various autonomous aerial technologies and systems for defence applications.
Adani Defence Systems had signed a shareholder agreement and share subscription agreement with Elbit Systems for a 44% stake in Atharva Advanced Systems and Technologies Ltd. last month.
Elbit Systems has now subscribed to 7,857 equity shares issued by Atharva Advanced Systems and Technologies for Rs 78,570, an exchange filing said on Thursday.
Adani Defence Systems and Technologies and ESL now own 56% and 44%, respectively, of AASTL. Atharva Advanced Systems has ceased to be a wholly owned subsidiary of ADSTL.
The company's board will comprise nominees from ADSTL and ESL, with the majority represented by ADSTL.
AASTL was incorporated in August this year by Adani Group flagship, Adani Enterprises Ltd., as it makes a foray into defence production.
Elbit Systems is involved in the development of military aircraft and helicopter systems, naval and land vehicle systems, as well as electronic warfare and signal intelligence systems.
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