Coromandel International Limited, a leading provider of agri-solutions in India, announced a strategic move to expand its footprint in the burgeoning agri-tech sector. Through its wholly-owned subsidiary, Coromandel Technology Limited (CTL), Coromandel has acquired a significant stake in Dhaksha Unmanned Systems Private Limited (Dhaksha).
The acquisition involves a 7% stake purchase in Dhaksha, bringing Coromandel’s total ownership in the Chennai-based drone manufacturer to 58%. Coromandel will invest INR 150 crore through fresh issuance of shares in Dhaksha, signifying their commitment to the company’s growth and potential.
Established in 2019, Dhaksha has emerged as a prominent player in India’s drone technology space. Their comprehensive portfolio encompasses a wide range of Unmanned Aerial Systems (UAS) solutions, catering to diverse applications across agriculture, defence, surveillance, and enterprise sectors. Dhaksha also boasts a robust training program for remote pilots, having successfully trained numerous individuals to operate drones effectively.
The funds raised through Coromandel’s investment will empower Dhaksha to strengthen its research and development efforts further. This will allow them to refine existing technologies and explore new avenues for innovation within the drone industry. Additionally, the funds will be utilised to fulfil large orders efficiently and address working capital needs.
Coromandel’s strategic acquisition of a stake in Dhaksha underscores its commitment to remaining at the forefront of technological advancements in the agricultural sector. By integrating Dhaksha’s expertise in drone technology with Coromandel’s established presence in the agri-solutions market, this collaboration has the potential to revolutionise agricultural practices and enhance efficiency throughout the farming value chain.
“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 year, Dhaksha has strengthened its technological capabilities and has invested in research activities to develop new products & applications. This investment in Dhaksha aligns with Coromandel’s vision of diversifying 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 Mr Arun Alagappan, Executive Chairman of Coromandel International Ltd.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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