ideaForge gets ₹151 Cr loan in-principle from TDB
ideaForge Technology Limited has received a Letter of Intent (LOI) from the Technology Development Board (TDB), a statutory body under the Department of Science and Technology, Government of India. The LOI signifies TDB's in-principle approval to consider financial assistance of up to ₹151 Crore for ideaForge's project proposal, "YETI - Heavy lift long range autonomous aerial logistics vehicle". The assistance will be in the form of a loan under the Research Development and Innovation Scheme (RDI Scheme) at a simple interest rate of 4% per annum. The total estimated project cost is ₹302 Crore. Disbursement will be in tranches, contingent on the company arranging equivalent funds from non-Government sources and achieving project milestones. The LOI is not a final binding commitment and is subject to due diligence and definitive agreements.
Key Highlights
- Received LOI for financial assistance up to ₹151 Crore from TDB.
- Project "YETI" aims to develop a heavy lift autonomous aerial logistics vehicle.
- Loan offered at 4% simple interest under RDI Scheme.
- Disbursement tied to company arranging funds and meeting milestones.
- LOI is an in-principle approval, not a final binding commitment.
Price Impact
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