The AXISCADES Cloud Wave Technologies acquisition marks a pivotal shift in India’s aerospace manufacturing landscape, with AXISCADES Technologies Limited acquiring a 90% shareholding in Cloud Wave Technologies Private Limited and its wholly owned subsidiaries. Trilegal advised AXISCADES on the transaction, which also covered Cloud Wave’s subsidiaries Aureate Polyment Private Limited and Protohubs System Solutions Private Limited. Shardul Amarchand Mangaldas & Co. advised Cloud Wave Technologies and its shareholders on the same transaction.
Introduction
AXISCADES Technologies Limited has acquired 90% of the shareholding in Cloud Wave Technologies Private Limited, along with its wholly owned subsidiaries, Aureate Polyment Private Limited and Protohubs System Solutions Private Limited. Through the direct acquisition of 90% of Cloud Wave, AXISCADES has also indirectly acquired a 90% stake in Protohubs and Aureate, with Cloud Wave becoming a direct subsidiary and Protohubs and Aureate becoming step-down subsidiaries of AXISCADES.
Founded in 2014 and headquartered in Bengaluru, Cloud Wave is an AS9100D-certified manufacturer operating seven manufacturing units, providing precision machining, sheet metal fabrication, tooling, plastic injection moulding, 3D printing, and surface treatment capabilities. Cloud Wave’s operations span precision machining, sheet metal fabrication, tooling, plastic injection moulding, plastic 3D printing, surface treatment, and power press parts for aerospace, defence, and semiconductor applications.
Trilegal advised AXISCADES on this transaction, conducting legal due diligence on Cloud Wave and its subsidiaries, and negotiating and drafting the share purchase agreement, shareholders’ agreement, and other ancillary transaction documents. Shardul Amarchand Mangaldas & Co. advised Cloud Wave Technologies Private Limited and its shareholders on the acquisition by AXISCADES.
Deal Value
On September 10, 2026, AXISCADES acquired a 90% shareholding in Cloud Wave for a cash consideration of ₹234 crore, subject to post-closing adjustments, with the transaction valuing Cloud Wave at an enterprise valuation of approximately ₹260 crore. Separately, the board of AXISCADES approved a debt fundraise of up to ₹200 crore to finance the acquisition and related transaction costs, structured as a private placement of unlisted, secured, redeemable Non-Convertible Debentures (NCDs).
Legal Teams Involved
Trilegal — Advised AXISCADES Technologies Limited
The transaction was led by Rahil Pereira (Partner), with support from Aishwaria Ramanan (Counsel), Mohammed Khalfan (Senior Associate), and Associates Shourya Pratap Singh Tomar, Gayatri Puthran, Dia Shetty, Shloka Prashant Rao, Krithika Bhandari, Ishika Kansal, Saif Ali, and Harsh Mittal.
They were supported by cross-practice teams across four specialist groups:
Regulatory Team: Sumi Saikia (Partner), Sidhant Kapoor (Senior Associate), Purboday Patitunda (Associate).
Trade Law Team: Himanshu Sinha (Partner), Samyak Jain (Counsel), Ishabh Verma (Senior Associate), Monarch Mittal (Associate).
Employment Team: Parvathy Tharamel (Partner), Harshita Arora (Senior Associate), Shreya Sharma (Associate).
Competition Law Team: Gauri Chhabra (Partner), Eesha Sheth (Senior Associate), Shreya Chaudhary (Associate).
Shardul Amarchand Mangaldas & Co. — Advised Cloud Wave Technologies and its Shareholders
The SAM team advising Cloud Wave and its shareholders was led by Bhargava KS (Partner), along with Allen Benny Mathews (Associate) and Nikhil Javali (Associate).
Significance and Impact
The acquisition is a strategic step in AXISCADES’ stated growth plan to transition from an engineering-services-led business model toward aerospace manufacturing, with the objective of building owned manufacturing capability and capacity to complement its existing Aerospace, Defence and Electronics/Semiconductor offerings.
The acquisition is a key inorganic step under AXISCADES’ Power 930 growth plan, which targets continued expansion into aerospace manufacturing; AXISCADES is also separately developing a new Centre for Advanced Manufacturing — a 240,000 sq ft facility on a 20-acre campus at its Devanahalli Aerospace Park — designed to consolidate and scale manufacturing operations to a standard capable of serving global OEMs.
The transaction documents also allow for the potential acquisition of the remaining 10% shareholding in Cloud Wave at a later stage. The deal required a multi-practice legal effort from Trilegal, spanning regulatory, trade law, employment, and competition law workstreams — reflecting the structural complexity of the transaction. For a full picture of recent Indian deal activity, see the Deal Meter.
AXISCADES Technologies, listed on the BSE and NSE, received board approval for the acquisition on August 28, 2026, at an enterprise valuation of approximately ₹260 crore, in a transaction that marks a significant step in the company’s strategy to accelerate the scale-up of its Aerospace Manufacturing platform. With Trilegal deploying a broad multi-practice team for AXISCADES and Shardul Amarchand Mangaldas & Co. advising Cloud Wave and its shareholders, the transaction reflects the depth of legal advisory required for transformative manufacturing M&A in India. Further details on post-closing integration were not disclosed.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
