Coromandel International Boosts Investment in Dhaksha Unmanned Systems with INR 150 Crore Funding
- ByStartupStory | May 14, 2024
Coromandel International Limited, through its subsidiary Coromandel Technology Limited (CTL), has increased its stake in Chennai-based drone manufacturer Dhaksha Unmanned Systems Private Limited. The company announced an additional investment of INR 150 crores, pushing its shareholding up to 58%.
Established in 2019, Dhaksha has emerged as a significant player in the Indian drone market, specializing in a broad spectrum of Unmanned Aerial Systems (UAS) for agriculture, defense, surveillance, and enterprise applications. The company also provides training for drone pilots through its Remote Pilot Training Organization (RPTO).
This fresh infusion of funds by Coromandel will enable Dhaksha to amplify its research and development initiatives and enhance its production capabilities to fulfill burgeoning order demands, which currently stand at INR 265 crore. Dhaksha recently scaled up its operations with a new, advanced manufacturing facility on the outskirts of Chennai, aimed at increasing production capacity and efficiency.
Arun Alagappan, Executive Chairman of Coromandel International, highlighted the synergy between the two companies, noting that Coromandel has supported Dhaksha since its inception, assisting in areas such as talent acquisition, R&D, and production enhancements. “This investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres,” Alagappan stated. He emphasized Coromandel’s commitment to fostering innovation in the drone industry and positioning Dhaksha as a leading drone manufacturer in India.
Coromandel’s increased stake in Dhaksha not only signifies a deepening partnership but also reflects a broader strategy to integrate more cutting-edge technology into its offerings, particularly in the agricultural sector, where precision and efficiency can lead to significant improvements in productivity and sustainability.
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