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Drone firm DroneAcharya signs merger agreement with AVPL International

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Sumit Vishwakarma
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DroneAcharya Aerial Innovations, a publicly listed company on the BSE, has signed a term sheet with Gurugram-based AVPL International to form a joint venture focused on accelerating drone manufacturing in India.

According to the company's statement, the merged entity may be called AVPL DroneAcharya. Both companies plan to develop advanced drones for agriculture, surveillance, logistics and other industrial applications.

Combined expertise and market reach

AVPL International is owned by AITMC Ventures Ltd, which operates in 12 states and manages several incubation and skill hubs specializing in drones and agriculture.

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It offers services such as drone training, drone-as-a-service and agri-input retail outlets. For its part, Pune-based DroneAcharya provides drone training, services and surveillance solutions.

It is also one of the first private companies to receive a remote pilot training organization license from the Directorate General of Civil Aviation.

AITMC Ventures reported 95.2% growth in its operating revenue for fiscal year 2023-24, reaching Rs 41.87 crore. Its profits rose by 82.6% to Rs 8.84 crore during the same period. 

Employee stock option plan

Along with the proposed merger, DroneAcharya’s board approved the adoption of an Employee Stock Option Plan aimed at boosting employee engagement. The company believes that an ESOP will align staff interests with its organizational goals and help it grow more rapidly.

DroneAcharya was founded by Prateek Shrivastava and is supported by notable investors, including Bollywood celebrities Aamir Khan and Ranbir Kapoor, as well as market veteran Shankar Sharma. 

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