Adani subsidiary Agneya Systems Ltd will hold a 56% stake and Armaco JSC 44 % in Armada Defence Systems. The JV, Armada Defence Systems, intends to make products for Indian Army

Adani Enterprises, the holding entity of the port-to-power conglomerate Adani group, on January 21 said its two-step subsidiary Agneya Systems Ltd (ASL) has formed a joint venture with the Bulgaria-based Armaco JSC for defence business.

Armada Defence Systems Limited was incorporated on "January 20, 2023" in the "ratio of 56:44", with ASL holding 56 percent of the stake and Armaco JSC the remaining 44 percent, it said.

The company was registered in Gujarat, with Ahmedabad listed as the place of incorporation, as per an exchange filing.

Armada Defence Systems has been "incorporated with the object of

manufacturing various types of product and part for Indian Armed Forces need as part of Atmanirbhar Bharat vision", the regulatory filing added.

The cost of acquisition for Adani Enterprises in the venture is Rs 56,000, with 5,600 equity shares being acquired for Rs 10 each, it stated. The acquisition was in the form of cash consideration.

The company has an authorised share capital of Rs 1 lakh, along with a paid-up share capital of Rs 1 lakh, the filing said, adding that the JV was yet to begin business operations.