Many people search for “Dave Calhoun and Gautam Adani.” They want to know if the two men worked together, invested together or run a business together.
We read Boeing’s press releases, Adani’s stock exchange filings and news reports from 2022 to 2026. We found no public sign that the two men are business partners. We did find one real link between their worlds. It is a company called Air Works.
Boeing worked with Air Works in 2022. Later, Adani’s defence company bought Air Works in a series of steps. This article follows each step with dates. It also shows where Calhoun’s time at Boeing fits on the same timeline.
Every fact here comes from a company statement, a stock exchange filing or a news report. We say so when a number is only an estimate.
Dave Calhoun and Gautam Adani at a Glance
| Item | Detail |
|---|---|
| Dave Calhoun | Boeing president and CEO from January 2020 to August 2024 |
| Gautam Adani | Chairman of the Adani Group |
| Air Works | Indian aircraft maintenance company, founded in 1951 |
| The link | Air Works worked with Boeing in 2022. Adani Defence later bought Air Works. |
| Direct partnership between the two men | None found in the sources we read |
Dave Calhoun
Dave Calhoun is an American business leader. He led Boeing, the aircraft maker, as president and CEO from January 2020 to August 2024. He had worked at General Electric, Nielsen and Blackstone before that.
Gautam Adani
Gautam Adani is the chairman of the Adani Group, a large Indian business group. Its defence and aerospace work sits in a unit called Adani Defence & Aerospace. The company that bought Air Works is Adani Defence Systems & Technologies (ADSTL). It belongs fully to Adani Enterprises, the group’s main company.
What Is Air Works?
Air Works fixes and checks aircraft. The industry calls this work MRO, which stands for maintenance, repair and overhaul. Planes need regular checks and repairs to stay safe and legal to fly. Airlines, business jet owners and armed forces all pay companies like Air Works to do this work.
Air Works began in 1951. It has its headquarters in Gurugram, India. It works on both civil and defence aircraft. In 2025, it operated in 35 Indian cities. Its main centres sit in Hosur, Mumbai and Kochi. It employs about 1,300 people. It also holds approvals from aviation authorities in more than 20 countries.
In the 2023-24 financial year, its audited turnover was Rs 356 crore. Turnover means the total money a company earns from its sales.
A 2022 news report said Air Works served Indian airlines such as IndiGo, GoAir and Vistara. The same report said it also served foreign airlines such as Lufthansa, Turkish Airlines, flydubai, Etihad and Virgin Atlantic.
The Boeing and Air Works Connection
In 2022, Air Works partnered with Boeing. Together they did maintenance checks on three P-8I aircraft that the Indian Navy flies. The P-8I is a long-range plane that patrols the sea and hunts submarines.
Boeing India and Air Works also planned to mark their work together at a defence conference in New Delhi on May 10, 2022.
Calhoun led Boeing at that time. Boeing says he served as president and CEO from January 2020. The reports about this work name the two companies. None of them name Calhoun.
This is the only documented link between Boeing and the company Adani later bought.
Adani and Air Works: Deal Timeline
Adani Defence Systems & Technologies made the Air Works deal. The deal took more than three years and needed two tries.
[Image idea: a timeline graphic with the four dates below]October 2022: First Agreement
On October 18, 2022, ADSTL signed agreements to buy Air Works. The enterprise value was Rs 400 crore. Enterprise value means the total price tag of a company.
Ashish Rajvanshi, the CEO of Adani Defence & Aerospace, and Anand Bhaskar, the head of Air Works, signed the agreement together. At that time, Air Works worked in 27 cities across India.
Why the 2022 Deal Was Delayed
Aviation Week reports that the first attempt fell apart. Punj Lloyd, one of the Air Works shareholders, went into liquidation. That caused legal delays, so the deal could not close.
December 2024: New Share Purchase Agreement
On December 23, 2024, Adani Defence signed a new agreement to buy 85.8% of Air Works. The price was Rs 400 crore, about $47 million. Air Works said the deal still needed certain conditions and approvals before it could close.
July 2025: Acquisition Completed
Adani Enterprises told the stock exchange that its subsidiary finished the purchase of an 85.1% stake on July 1, 2025. The signed deal named 85.8%. The finished deal named 85.1%. Later filings gave the stake as 85.76%.
Angel One reports that Adani paid all in cash and exchanged no shares.
March 2026: Stake Raised to 99.98%
On March 1, 2026, ADSTL signed an agreement to buy another 14.2% of Air Works. The seller was Punj Lloyd Aviation. The purchase closed on March 11, 2026. It raised Adani’s stake from 85.76% to 99.98%.
Key Dates in One Table
| Date | What happened |
|---|---|
| October 18, 2022 | ADSTL signs its first agreement to buy Air Works |
| December 23, 2024 | ADSTL signs a new agreement for 85.8% |
| July 1, 2025 | Purchase of 85.1% is completed |
| March 1, 2026 | ADSTL signs to buy another 14.2% |
| March 11, 2026 | Stake rises to 99.98% |
Where Dave Calhoun Fits on the Timeline
Calhoun’s dates show how the two stories relate.
Boeing CEO Tenure
Calhoun joined Boeing’s board in 2009. He became CEO in January 2020. Boeing says he led the company first as chair and then as CEO.
Before Boeing, he studied accounting at Virginia Tech. He began his career at General Electric and rose to vice chairman and head of GE Infrastructure. He became CEO of Nielsen in 2006. He joined Blackstone in 2014 as a senior managing director.
During his time as CEO, two Air Works events happened:
- May 2022: Boeing India and Air Works marked their work together.
- October 2022: Adani Defence signed its first Air Works agreement.
Successor and Advisory Role
Calhoun said in March 2024 that he would retire at the end of the year. On July 31, 2024, Boeing named Kelly Ortberg as the new CEO, starting August 8, 2024. Calhoun said he took no part in the hiring choice. Boeing said he would serve as a special advisor to the board until March 2025.
A Virginia Tech alumni page still lists him as a special advisor to Boeing’s board. The page shows no date. Check Boeing’s own website for his current role.
Here is how his dates line up with the Air Works events:
| Date | Event | Calhoun’s role at Boeing |
|---|---|---|
| May 2022 | Boeing India and Air Works mark their work together | CEO |
| October 2022 | Adani Defence signs its first Air Works agreement | CEO |
| August 2024 | Ortberg becomes Boeing CEO | Special advisor |
| December 2024 | Adani Defence signs the new Air Works agreement | Special advisor (Boeing’s plan ran to March 2025) |
| July 2025 | Adani Defence completes the 85.1% purchase | After the advisory period Boeing announced |
| March 2026 | Adani Defence reaches 99.98% | After the advisory period Boeing announced |
The table shows when things happened. It does not show that Calhoun played any part in the Adani deals.
Is There a Direct Partnership?
We found no direct partnership. The deal filings name Adani Enterprises, Adani Defence, Air Works and Punj Lloyd Aviation. Boeing’s releases name Calhoun only in his Boeing roles. No statement from Boeing or Adani calls the two men partners.
Working in the same industry does not make two people partners. Air Works connects the two stories, and nothing else does.
If a source later names both men in one deal, this article will change. Until then, we only report what the public record shows.
Why Air Works Matters for India’s Aviation Sector
Adani Defence wants a bigger role in aircraft services. Ashish Rajvanshi said the 2024 deal supports building a full aviation services system that backs India’s defence work.
In 2022, Adani said it expected India’s MRO market to grow from $1.7 billion to $5.0 billion by 2030. That figure is Adani’s own estimate, so treat it as a forecast and not a fact.
Air Works gives Adani Defence a ready network of centres, trained staff and customers in both civil and defence work. That is why the group bought a company that already works, rather than starting from nothing.
FAQ
Did Dave Calhoun and Gautam Adani work together?
We found no evidence of this. The only link is Air Works, which worked with Boeing and was later bought by Adani Defence.
What is the connection between Boeing and Adani?
Air Works. It worked with Boeing on Indian Navy P-8I checks in 2022. Adani Defence later bought it.
What does Air Works do?
Air Works maintains, repairs and overhauls aircraft. It serves both civil and defence customers.
Who owns Air Works now?
Adani Defence Systems & Technologies held 99.98% after the March 2026 purchase.
When did Adani complete the Air Works acquisition?
The main purchase closed on July 1, 2025. The extra stake closed on March 11, 2026.
Is Dave Calhoun still Boeing’s CEO?
No. Kelly Ortberg became CEO on August 8, 2024.
Conclusion
Calhoun and Adani do not share a business deal. They share a link through one company. Boeing worked with Air Works in 2022. Adani Defence bought Air Works in steps between 2022 and 2026. Each step appears in a public filing or news report.
If you read about a “connection” between two famous people, ask one question: what does the source name? Here, the sources name companies, not the two men.
Sources
- Boeing press release: “Boeing Board Names Kelly Ortberg President and CEO” (July 31, 2024)
- Boeing message from the Board Chair to employees (July 31, 2024)
- Adani Enterprises stock exchange filing (July 1, 2025)
- Business Today: Adani Defence signs Air Works deal (October 19, 2022)
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