Coromandel International raises stake in drone firm Dhaksha
The Hindu
Coromandel International acquires 7% stake in drone maker Dhaksha Unmanned Systems to boost research and development efforts.
Agriculture solutions provider Coromandel International is acquiring an additional 7% stake in Dhaksha Unmanned Systems for ₹150 crore taking its shareholding in the Chennai-based drone maker to 58%.
The proceeds from the fund-raise will help Dhaksha strengthen research and development efforts, cater to servicing large orders and meeting working capital needs, Coromandel said on the acquisition through subsidiary Coromandel Technology.
“The investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres,” Coromandel International Executive Chairman Arun Alagappan said.
Coromandel has been associated with Dhaksha from is start-up stage, supporting the company on talent acquisition, R&D and scaling up production. Dhaksha has strengthened its technological capabilities in the past year, investing in research activities to develop new products and applications. “We remain committed to bringing in latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country,” Mr. Alagappan said in a release.
The 2019 incorporated Dhaksha provides a range of Unmanned Aerial Systems (UAS) for use in agriculture, defence, surveillance and enterprise applications. It also offers remote pilot training services.
Dhaksha bagged several orders from defence and agri input companies last year and its order book stands at ₹265 crore. It has recently expanded production capacity with a state-of-the-art manufacturing facility established on the outskirts of Chennai, Coromandel said.
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