Coromandel to acquire majority stake in drone start-up Dhaksha
Murugappa group’s Coromandel International has acquired a majority stake in Chennai-based drone start-up Dhaksha Unmanned Systems.
CHENNAI: Murugappa group’s Coromandel International has acquired a majority stake in Chennai-based drone start-up Dhaksha Unmanned Systems. Coromandel on Thursday announced it would additionally acquire a 32.68% equity stake in the start-up for `204 crore.
With another 18.34% stakes already owned by Coromandel through its investment arm Dare Ventures Limited, it will hold 51% stakes in the start-up. Dhaksha is the only player in the country to receive type certificates from aviation regulator DGCA for three drone models in medium and small categories for agriculture and surveillance applications, according to a Murugappa group statement.
It also offers certified petrol engine-based hybrid agri drones. The company has been shortlisted under the production linked incentive (PLI) scheme for manufacturing of drones and drone components in 2022.
The acquisition is seen as a part of the agro-chemical manufacturer Coromandel’s strategy to diversify from its core business. Dhaksha provides unmanned aerial systems (UAS) technology solutions across agriculture, defence and surveillance.