Coromandel International boosts stake in Dhaksha Unmanned Systems to 58%

TAGS

Coromandel International Limited, a leading provider of agricultural solutions in India, through its subsidiary Coromandel Technology Limited (CTL), has announced a significant increase in its investment in Dhaksha Unmanned Systems Private Limited, a Chennai-based drone manufacturing company. Coromandel International will invest INR 150 crores to acquire an additional 7% stake, raising its total shareholding in Dhaksha to 58%.

Strategic Expansion and Technological Advancements:

Dhaksha, established in 2019 and also based in Chennai, has quickly become a prominent player in India’s drone market, offering a comprehensive range of Unmanned Aerial Systems (UAS) technology solutions. These solutions cater to sectors such as agriculture, defense, surveillance, and enterprise applications. Additionally, Dhaksha provides remote pilot training services and has successfully trained numerous drone pilots.

Coromandel International has increased stake in Dhaksha Unmanned Systems to enhance drone technology applications in agriculture and defense, driving forward India's tech sector.

Coromandel International has increased stake in Dhaksha Unmanned Systems to enhance drone technology applications in agriculture and defense, driving forward India’s tech sector.

Financial Growth and Production Enhancements:

Over the past year, Dhaksha has secured multiple contracts from defense and agricultural input companies, with its current order book valued at INR 265 crore. The company has recently expanded its operational capabilities with a new state-of-the-art manufacturing facility on the outskirts of Chennai. The latest funding from Coromandel will support further research and development, allow Dhaksha to service large orders, and address its working capital needs.

See also  Centum Electronics forges partnership with Rafael Advanced Defense Systems

Comments from Leadership:

Mr. Arun Alagappan, Executive Chairman of Coromandel International Ltd., commented on the investment, “Coromandel has been associated with Dhaksha right from its early startup stage and has supported the company in talent acquisition, R&D, and production scale-up. In the past year, Dhaksha has strengthened its technological capabilities and invested in research activities to develop new products and applications.” He emphasized that this investment is in line with Coromandel’s strategy to diversify into technological spaces and promote technology adoption across various sectors.

See also  NameSilo Technologies increases stake in Alchemy Labs to enhance nanotechnology applications

This increased investment in Dhaksha Unmanned Systems signifies Coromandel International’s commitment to innovation and its confidence in the growing importance of drone technology in multiple industries, including agriculture and defense. By enhancing Dhaksha’s research and development capabilities, Coromandel is positioning itself at the forefront of technological advancements in the drone industry, aiming to make Dhaksha a leading drone manufacturer in India and potentially, globally.

CATEGORIES
TAGS
Share This