Coromandel acquires additional 7% stake in drone manufacturer Dhaksha for Rs 150 Cr
As a result of this transaction, Coromandel, via its wholly-owned subsidiary, Coromandel Technology Limited, will boost its ownership in Dhaksha to 58.01%.
Agri solutions provider Coromandel International Limited has acquired an additional 7% stake in drone manufacturing company Dhaksha Unmanned Systems Private Limited for Rs 150 crore.
As a result of this transaction, Coromandel, via its wholly-owned subsidiary, Coromandel Technology Limited, will boost its ownership in Dhaksha to 58.01%, up from the current 51.02%.
Founded in 2019, Dhaksha provides a complete range of unmanned aerial systems (UAS) technology solutions across agriculture, defence, surveillance and enterprise applications. The Chennai-based firm also offers remote pilot training services (RPTO).
The funds from this transaction will support the drone manufacturing company in strengthening its research and development efforts, fulfilling large orders, and addressing its working capital requirements, as per a statement.
“This investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres. We remain committed to bringing in the latest innovations in drones and enabling Dhaksha to become a drone manufacturing major in the country,” said Arun Alagappan, Executive Chairman of Coromandel International Limited.
Dhaksha said that it has secured several contracts from defence and agricultural input enterprises, with its present order book valued at Rs 265 crore. Recently, it expanded its production capabilities by establishing a manufacturing facility on the outskirts of Chennai. Dhaksha’s turnover for the fiscal year 2023-24 was Rs 46.40 crore.
Edited by Kanishk Singh