M&A M&A
Coromandel increases stake in drone maker Dhaksha to 58%
Source BSE Announcement (opens in a new tab)Press Release (opens in a new tab)
Hyderabad-based, publicly listed Coromandel International (CIL) is to acquire an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems for INR 150 crore through a fresh issue of shares. The latest deal increases CIL's overall shareholding in Dhaksha to 58.01%.Dhaksha, incorporated in 2019, provides a complete range of Unmanned Aerial Systems (UAS) technology solutions across agriculture, defence, surveillance, and enterprise applications. It also offers remote pilot training services (RPTO). The turnover of Dhaksha for FY24 was INR 46.40 crore.
In Jun-23, CIL had invested INR 204.24 Cr for a 32.68% stake in Dhaksha, taking CIL's stake to 51.02%.