Fertiliser and pesticides maker Coromandel International said that it had increased its stake in drone manufacturer Dhaksha Unmanned Systems to acquire majority control, for Rs 204 crore.
Secunderabad-based Coromandel International already owned an 18.34% stake in the drone maker, and bought another 32.68% in the firm, taking its holding to 51%.
The acquisition is reportedly slated to be completed in the second quarter of FY24, and values the drone maker at around Rs 624 crore.
Chennai-based Dhaksha currently offers eight types of drone devices, for activities such as agricultural spraying, surveillance, disaster management, and mapping, according to its official website. It also offers remote pilot training services and has trained over 950 drone pilots to date, according to public filings by Coromandel.
The NSE-listed Coromandel added that Dhaksha is the only drone maker in the country to receive DGCA type certificates for three drone models in the medium & small categories, for agriculture and surveillance applications. It added that Dhaksha is the only drone maker to offer “type certified petrol engine-based Hybrid Agri Drones” in the country.
Dhaksha, which has also qualified for the government’s Production-Linked Incentive (PLI) scheme for drone manufacturers, will “facilitate Coromandel’s presence in the fast-growing UAS segment, where drones and their applications are expected to exponentially grow”, the fertiliser maker added in its public filing.
Source: Economic Times