Adani Infra to Acquire Punj Lloyd Ltd: Key Highlights and Implementation Plan

Adani Infra (India) Limited, also known as AIIL, has received approval from the National Company Law Tribunal (NCLT) to acquire Punj Lloyd Limited (PLL) through a Business Transfer Agreement. The acquisition plan, submitted on October 30, 2025, includes the following key points: 1. Transfer of the Defence Unit of PLL to Adani Defence Systems and Technologies Limited (ADSTL) along with the shares of Air Works India (Engineering) Private Limited held by Punj Lloyd Aviation Limited to ADSTL. 2. Master Sale Agreement for sale of shares/stake in certain subsidiaries/joint ventures/branches to Diversified India Growth Fund managed by Dickey Asset Management Private Limited. 3. PLL will continue to remain listed on the Exchanges. 4. Existing share capital of PLL will be cancelled for NIL consideration. 5. Issuance and allotment of equity shares of the Corporate Debtor to AIIL and its nominees, representing 95% of the total paid-up share capital of the Corporate Debtor. 6. Issuance and allotment of equity shares of the Corporate Debtor to Dincum Growth Fund Mauritius managed by Dincum Global Asset Managers, who shall be in the category of the Public Shareholders. 7. The EPC business of the Corporate Debtor will be transferred from PLL to AIIL pursuant to a separate scheme of arrangement for demerger of the EPC business.