Coromandel International acquring additional 32.68% in drone major Dhaksha for Rs 204 cr

Coromandel International, a company owned by the Murugappa Group, is acquiring an additional 32.68% stake in Chennai-based drone startup Dhaksha Unmanned Systems for Rs 204 crore.

Previously, the Murugappa Group had acquired an 18.34% stake in Dhaksha through its investment arm, Dare Ventures. With this new acquisition, Coromandel will become the majority stakeholder, holding a 51% share in Dhaksha. Dhaksha, founded in 2019 and headquartered in Chennai, is a prominent player in the Indian drone industry.

The company offers a wide range of technology solutions in the field of Unmanned Aerial Systems (UAS), catering to sectors such as agriculture, defence, surveillance, and enterprise applications. In addition to providing drone services, Dhaksha also offers remote pilot training and has trained more than 950 pilots to date.

It is currently the only company in India to receive type certification from the Directorate General of Civil Aviation (DGCA) for three drone models in the medium and small categories, specifically designed for agriculture and surveillance purposes. 

"We are delighted to partner with Dhaksha having been associated from the early start-up stage and accelerate its growth journey to become a player of scale. Our investment in Dhaksha marks a significant foray into next-generation cutting-edge UAS technology applications. In addition to driving resource efficiency and sustainable practices in Agriculture, Dhaksha drones have high potential in defence and enterprise applications," said Arun Alagappan, Executive Vice Chairman of Coromandel International.

"The recent decision by the Government of India towards liberalising the policy for the export of drones meant for civilian use will help in further tapping the export potential for Dhaksha’s drones. We are committed to drive Atma Nirbhar Bharat vision in Drones manufacturing and intend to improve domestic value creation opportunities and build frontier technologies in this space," he added.

Apart from its presence in the electric drone segment, Dhaksha is also the sole player in India to offer type-certified hybrid agricultural drones powered by petrol engines. The company has been selected under the Production-Linked Incentive (PLI) scheme, introduced in 2022, which aims to promote the manufacturing of drones and drone components within the country. Dhaksha is building a robust order book and has a promising future in the industry.

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