Walchandnagar Acquires 60.3% Stake in Aicitta for ₹16 Crore

5 Mar 2025 , 05:05 PM

Pune-based engineering firm Walchandnagar Industries Ltd said that it has received approval for the acquisition of a 60.3% stake in defence R&D startup Aicitta Intelligent Technology Private Ltd, which focuses on unmanned systems. The acquisition will be made for a total investment of ₹16 crore, in the form of equity shares and compulsorily convertible preference shares.

The transaction was approved by the Board of Directors of Walchandnagar Industries at a meeting held on March 4, 2025, as stated in a regulatory filing.

Aicitta Intelligent Technology, which has R&D for the defence industry focused on unmanned systems, is a strategic fit for Walchandnagar’s defence business portfolio, a company statement said.

The acquisition will be done in multiple tranches for a period of 31 months with completion of each tranche subject to normal conditions with the first tranche expected to be achieved in around 45-60 days.

Walchandnagar Industries also aims to leverage Aicitta’s expertise in unmanned systems to expand its defence segment and enhance its technological capabilities. It also includes a share subscription agreement and a shareholders’ agreement with Aicitta’s promoters, Arjun Das and Vikram Sarin.