Coromandel increases stake in drone company Dhaksha; to invest Rs 150 crore

Date:05-17-2024

Coromandel International, India's leading agricultural solutions provider, through its wholly-owned subsidiary Coromandel Technology (CTL), announced the acquisition of an additional 7 per cent stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems.

Coromandel will invest Rs 150 crore through a fresh issue of shares to increase its overall shareholding in Dhaksha to 58 per cent. Dhaksha, incorporated in 2019 and headquartered in Chennai, is a leading player in the drone space in India, providing a complete range of Unmanned Aerial Systems (UAS) technology solutions across agriculture, defence, surveillance, and enterprise applications. It also offers remote pilot training services (RPTO) and has trained several drone pilots to date.

In the last year, Dhaksha has bagged several orders from defence and agricultural input companies, and its current order book stands at Rs 265 crore. The company has recently expanded its production capacity with a state-of-the-art manufacturing facility established on the outskirts of Chennai. The proceeds from this fund-raise will help Dhaksha in strengthening its research and development efforts, cater to servicing large orders, and meet its working capital needs.

Commenting on the investment in Dhaksha, Arun Alagappan, executive chairman, Coromandel International, said, ″Coromandel has been associated with Dhaksha right from its early start-up stage and has been supporting the company on talent acquisition, research and development, and production scale-up.

In the past year, Dhaksha has strengthened its technological capabilities and has invested in research activities to develop new products and applications. This investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres. We remain committed to bringing in the latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country.″