Coromandel Picks Up Additional 32.68% Stake In Drone Start-Up Dhaksha For Rs 204 Crore

Coromandel International Ltd has acquired an additional 32.68% stake in drone firm Dhaksha Unmanned Systems for Rs 204 crore, according to a regulatory filing.

The company now has a 51% stake in the start-up.

In the regulatory filing, Coromandel International informed that its wholly owned subsidiary Coromandel Technology Ltd. is acquiring an additional 32.68% equity stake in Dhaksha Unmanned Systems Pvt. Ltd. at an outlay of Rs 204 crores.

Coromandel had earlier acquired an 18.34% stake in Dhaksha through its investment arm Dare Ventures Ltd.

"With this acquisition, Coromandel will be holding a majority (51%) stake in Dhaksha," the filing said.

The current investment values the start-up at Rs 625 crore, it added.

Dhaksha, incorporated in 2019 and headquartered in Chennai, is one of the leading players in drone space in India, providing a complete range of Unmanned Aerial Systems technology solutions across agriculture, defence, surveillance and enterprise applications.