CHENNAI: Coromandel International Limited, an agri solutions provider, through its wholly owned subsidiary Coromandel Technology Limited (CTL), announced acquisition of an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems Private Limited. Coromandel will invest Rs 150 cr through fresh issue of shares to increase its overall shareholding in Dhaksha to 58%.
Dhaksha, incorporated in 2019 and headquartered in Chennai, is a leading player in drone space in India, providing complete range of Unmanned Aerial Systems (UAS) technology solutions across agriculture, defence, surveillance and enterprise applications. It also offers remote pilot training services (RPTO) and has trained several drone pilots to date.
Last year, Dhaksha bagged several orders from defence and agri input companies and its current order book stands at Rs 265 crore. The company has expanded its production capacity with a manufacturing facility established on the outskirts of Chennai. The proceeds from this fund-raise will help Dhaksha strengthen its R&D efforts, cater to servicing large orders and meeting its working capital needs.
Arun Alagappan, Executive Chairman, Coromandel International Ltd, said “Coromandel has been associated with Dhaksha right from its early startup stage and has been supporting the company on talent acquisition, R&D, and production scale-up. In the past one year, Dhaksha has strengthened its technological capabilities and has invested in research activities to develop new products and applications.”