Coromandel International through its wholly owned subsidiary Coromandel Technology (CTL), announced acquisition of an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems. Coromandel will invest Rs 150 crore through fresh issue of shares to increase its overall shareholding in Dhaksha to 58%.
Dhaksha, incorporated in 2019 and headquartered in Chennai, is a leading player in drone space in India, providing 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 agri 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 & development efforts, cater to servicing large orders and meeting its working capital needs.