Coromandel International Boosts Stake in Dhaksha with Rs 150 cr

Coromandel International has increased its ownership in drone startup Dhaksha Unmanned Systems by investing Rs 150 crore, according to exchange filings on Monday. 

This move raises Coromandel’s overall shareholding in Dhaksha to 58%, following the acquisition of an additional 7% stake through a fresh issue of shares. The investment was made via Coromandel’s wholly-owned subsidiary, Coromandel Technology.

The funds raised will bolster Dhaksha’s research and development initiatives, support the fulfillment of large orders, and address its working capital requirements, as per the company’s statement.

Arun Alagappan, executive chairman of Coromandel International, emphasized the company’s commitment to fostering technological advancements by diversifying into technology spaces. He highlighted the goal of promoting technology adoption across various sectors and enabling Dhaksha to emerge as a significant player in drone manufacturing in India.

Dhaksha specializes in agriculture, defense, and surveillance drones. With a total order book of Rs 265 crore last year, the company recently expanded its production capacity at its facility near Chennai.

In related news, security forces in the Ramgarh sector intercepted a Pakistani drone, prompting an ongoing search for illicit items such as weapons, drugs, and counterfeit currency. This incident underscores the escalating challenge posed by increased drone activity, particularly since the June 2021 attack on the Indian Air Force station.

Overall, Coromandel International’s investment in Dhaksha reflects its strategic focus on enhancing technological capabilities and supporting innovation in the drone industry.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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