Coromandel International Executive Chairman Arun Alagappan
| Photo Credit: Special association
Agriculture options supplier Coromandel International is buying an extra 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 assist Dhaksha strengthen analysis and growth efforts, cater to servicing massive orders and assembly working capital wants, Coromandel mentioned on the acquisition by way of 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 mentioned.
Coromandel has been related to Dhaksha from is start-up stage, supporting the corporate on expertise acquisition, R&D and scaling up manufacturing. Dhaksha has strengthened its technological capabilities in the previous yr, investing in analysis actions to develop new merchandise and purposes. “We remain committed to bringing in latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country,” Mr. Alagappan mentioned in a launch.
The 2019 integrated Dhaksha supplies a variety of Unmanned Aerial Systems (UAS) to be used in agriculture, defence, surveillance and enterprise purposes. It additionally provides distant pilot coaching providers.
Dhaksha bagged a number of orders from defence and agri enter firms final yr and its order e-book stands at ₹265 crore. It has not too long ago expanded manufacturing capability with a state-of-the-art manufacturing facility established on the outskirts of Chennai, Coromandel mentioned.
