Coromandel International buys additional 7% stake in Dhaksha for Rs 150 crore

14 May 2024 , 11:32 AM

Coromandel International Ltd stated on Monday that it has acquired an additional 7% share in Chennai-based drone manufacturer Dhaksha Unmanned Systems for ₹150 Crore.

The funds from this deal will assist Dhaksha in boosting its research and development activities, fulfilling large orders, and meeting its working capital needs, according to a business statement.

With this, the company’s overall stake in Dhaksha will rise to 58%. Coromanel Technology Ltd, the company’s subsidiary, will buy the stake, it said.

The business announced its intention to bolster its stake in Dhaksha by investing ₹150 Crore through the issuance of new shares, aiming to raise its overall ownership to 58%.

According to Alagappan, Coromandel has been involved with Dhaksha since its inception and has helped the company with talent acquisition, R&D, and production scale-up.

Dhaksha has improved its technological capabilities and invested in research initiatives to develop new goods and applications during the last year, he stated.

Dhaksha, founded in 2019, offers a comprehensive spectrum of Unmanned Aerial Systems (UAS) technological solutions for agriculture, defence, surveillance, and enterprise applications. It also provides remote pilot training (RPTO) and has taught several drone pilots to date.

Dhaksha has received multiple orders from defence and agricultural input firms in the past year, and its present order book is worth ₹265 Crore.

The company recently boosted its production capacity by establishing a manufacturing plant on the outskirts of Chennai.

At around 11.29 AM, Coromandel International was trading 1.68% higher at ₹1,224.10 per piece, against the previous close of ₹1,203.90 on NSE. The counter touched an intraday high and low of ₹1,227, and ₹1,195.85, respectively.

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