Coromandel International Increases Stake in Drone Company Dhaksha, Invests INR 150 Crore
Coromandel International Limited, through its subsidiary Coromandel Technology Ltd, announced the acquisition of an additional 7% stake in drone manufacturing company Dhaksha Unmanned Systems Private Limited. This investment increases Coromandel's overall shareholding to 58%. Established in 2019 and headquartered in Chennai, Dhaksha is a leading player in the drone space in India, providing UAS technology solutions. The proceeds from this fund-raise will help Dhaksha in strengthening its research & development efforts, cater to servicing large orders, and meeting its working capital needs. Coromandel International, a leading Agri solutions provider in India, has been associated with Dhaksha since its early stages and has been supporting the company in talent acquisition, R&D, and production scale-up.
Key Highlights
- Coromandel International Limited acquires additional 7% stake in drone company Dhaksha Unmanned Systems Private Limited.
- Investment increases Coromandel's overall shareholding in Dhaksha to 58%.
- Dhaksha, established in 2019, is a leading player in the Indian drone space with a current order book of INR 265 crore.
- Funds from this investment will support research & development efforts, large orders, and working capital needs.
- Coromandel International and Dhaksha have a long-standing relationship, with Coromandel supporting Dhaksha in talent acquisition, R&D, and production scale-up.