Arun Alagappan
| Photo Credit: RAMAKRISHNA G
Fertiliser maker Coromandel International, by wholly owned subsidiary Coromandel Technology, is buying a further 32.68% fairness stake in Chennai-based drone start-up Dhaksha Unmanned Systems for ₹204 crore.
The funding values the start-up at ₹625 crore and takes Coromandel’s holding to 51% stake. It had earlier acquired 18.34% in Dhaksha by funding arm Dare Ventures, the Murugappa Group firm mentioned on Thursday.
The transfer, enhancing the stake to a majority, is in line with the technique to establish promising avenues of progress exterior core operations in agri-inputs that will be worth accretive for the shareholders. It will facilitate Coromandel’s presence in the fast-growing Unmanned Aerial Systems (UAS) phase the place drones and its functions are anticipated to exponentially develop and attain a world market measurement of $90 billion by 2030, the corporate mentioned.
Dhaksha, included in 2019, is a number one participant in drone house in India and gives a whole vary of UAS expertise options throughout agriculture, defence, surveillance and enterprise functions. It has been shortlisted underneath the production-linked incentive (PLI) scheme for selling the manufacturing of drones and drone parts in the nation in 2022 and in the method of constructing a powerful order guide.
“Our investment in Dhaksha marks a significant foray into next generation cutting edge UAS technology applications. In addition to driving resource efficiency and sustainable practices in agriculture, Dhaksha drones have high potential in defence and enterprise applications,” Coromandel International government vice chairman Arun Alagappan mentioned.
Dhaksha additionally presents distant pilot coaching providers and has skilled over 950 pilots. It is the one participant in the nation to obtain kind certificates from DGCA for 3 drone fashions in medium and small classes for agriculture and surveillance functions. Besides working in the electrical drone phase, it’s the solely participant in India to supply kind licensed petrol engine-based hybrid agri drones, Coromandel mentioned.
“We see significant value creation opportunities for Dhaksha going forward,” the start-up’s Director and CEO Ramanathan Narayanan mentioned on Coromandel’s further funding.
