The Aidin Technologies controlling stake sale has brought two prominent law firms into the spotlight as counsel on a significant corporate transaction in India’s defence electronics sector. Aidin Technologies Private Limited has secured an investment by selling a 51% controlling stake to a listed investor. Triumvir Law and Khaitan & Co advised on this transaction.
Introduction
Indo National Limited‘s board approved the acquisition of a 51% stake in Aidin Technologies Private Limited through a two-tranche subscription to compulsorily convertible preference shares (CCPS), with the board meeting on April 30, 2026 formalising this strategic entry into the defence electronics sector.
The acquisition will be undertaken across two tranches in accordance with the terms of the agreements between the parties, with Tranche 1 expected to be completed on or before June 2026, and Tranche 2 expected to be completed within 12 months from the date of completion of Tranche 1.
Aidin Technologies Private Limited, incorporated on May 2, 2008, specialises in radio frequency power electronics and embedded system technologies, and serves critical sectors including electronic warfare, defence communications, and satellite technology — providing comprehensive solutions from full satellite bus builds to anti-drone systems and electronic warfare test equipment.
Indo National submitted regulatory filings to BSE Limited and the National Stock Exchange of India pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Deal Value
Indo National approved the acquisition of 51% of the paid-up share capital in Aidin Technologies through compulsorily convertible preference shares across two tranches for a cash consideration of ₹78.05 crore. Tranche 1 is expected to complete by June 2026, giving Indo National a 31.82% stake initially, while Tranche 2 will involve fully paying up the partly paid Series A1 CCPS, completing within 12 months of Tranche 1’s closure.
Legal Teams Involved
Two firms advised on the Aidin Technologies controlling stake sale, acting for different parties to the transaction.
Triumvir Law — Advised Bharath Kumar, existing investor/shareholder in Aidin Technologies
Triumvir Law advised Bharath Kumar, an existing investor/shareholder in Aidin Technologies, in connection with this transaction, advising Kumar on the shareholders’ agreement and allied transaction documents, and negotiating and safeguarding his rights as a continuing shareholder.
The transaction team consisted of:
- Anubhab Sarkar — Managing Partner
- Ajay Kumar — Partner
- Ragini Chakraborty — Senior Associate
Khaitan & Co — Advised the investor (Indo National Limited)
Khaitan & Co advised the investor. Further details of the Khaitan & Co team were not disclosed.
Significance and Impact
This transaction is notable on several counts. Indo National has acquired a 51% stake in Bengaluru-based Aidin Technologies to pivot from consumer batteries to high-margin defence electronics, and this move marks the consumer goods major’s formal entry into the high-precision defence electronics manufacturing space.
Aidin Technologies reported a turnover of ₹743 million in FY25, up from ₹158 million in FY23 — a trajectory that underscores the company’s rapid growth in a strategically sensitive sector. The Indian defence electronics market is projected to reach ₹1.5 trillion by 2030, supported by government initiatives like ‘Atmanirbhar Bharat’ which mandates local sourcing for technical equipment.
From a legal standpoint, the transaction also highlights the increasingly complex role of minority and continuing shareholder protection in controlling-stake acquisitions. Triumvir Law advised Bharath Kumar, an existing investor/shareholder in Aidin Technologies, and negotiated and safeguarded his rights as a continuing shareholder — reflecting a growing emphasis on minority investor protection as listed corporates acquire majority positions in high-growth private companies.
The deal further exemplifies the rising intersection of listed-company M&A and India’s defence indigenisation push, a trend that is drawing increasing legal advisory activity across mid-market firms. For a running tracker of significant deals and the counsel who advise on them, see the Deal Meter.
The Aidin Technologies controlling stake sale to Indo National Limited for ₹78.05 crore marks a significant moment in India’s defence electronics consolidation landscape. Triumvir Law acted for continuing shareholder Bharath Kumar, while Khaitan & Co advised the listed acquirer — together ensuring comprehensive legal coverage across the transaction. The deal, structured across two CCPS tranches, is set to reshape Indo National’s strategic profile as India accelerates its defence indigenisation agenda.
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.
