Latest News | Coromandel Picks Up Additional 32.68 Pc Stake in Drone Start-up Dhaksha for Rs 204 Crore

New Delhi, Jun 29 (PTI) Coromandel International Ltd has acquired an additional 32.68 per cent stake in drone firm Dhaksha Unmanned Systems for Rs 204 crore, according to a regulatory filing.

The company now has a 51 per cent stake in the start-up.

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In the regulatory filing, Coromandel International informed that its wholly owned subsidiary Coromandel Technology Ltd (CTL) is acquiring an additional 32.68 per cent equity stake in Dhaksha Unmanned Systems Pvt Ltd at an outlay of Rs 204 crores.

Coromandel had earlier acquired an 18.34 per cent stake in Dhaksha through its investment arm Dare Ventures Limited.

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"With this acquisition, Coromandel will be holding a majority (51%) stake in Dhaksha," the filing said.

The current investment values the start-up at Rs 625 crore, it added.

Dhaksha, incorporated in 2019 and headquartered in Chennai, is one of the leading players in drone space in India, providing a complete range of Unmanned Aerial Systems (UAS) technology solutions across agriculture, defence, surveillance and enterprise applications.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)