Coromandel International Ltd on Monday announced the acquisition of an additional 7% stake in Chennai-based drone manufacturing firm Dhaksha Unmanned Systems with an investment of Rs 150 crore.
The proceeds from this fundraise will help Dhaksha in strengthening its research and development efforts, cater to servicing large orders and meeting its working capital needs, the company said in a statement.
With this, the company's overall stake in Dhaksha will increase to 58%. The stake will be acquired through the subsidiary firm Coromanel Technology Ltd, it added.
"This investment in Dhaksha aligns with Coromandel's vision of diversifying in technology spaces and promoting technology adoption across various spheres," Coromandel International Ltd Executive Chairman Arun Alagappan said.
"Coromandel will invest Rs 150 crore through fresh issue of shares to increase its overall shareholding in Dhaksha to 58%," the company said.
Alagappan 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, he said.
"We remain committed to bringing in latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country," he added.
Dhaksha, incorporated in 2019, provides complete range of Unmanned Aerial Systems technology solutions across agriculture, defence, surveillance and enterprise applications. It also offers remote pilot training services and has trained several drone pilots to date.
In the last year, Dhaksha has bagged several orders from defence and agri input companies and its current order book stands at Rs 265 crore.
The company has recently expanded its production capacity with a manufacturing facility on the outskirts of Chennai.
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