Coromandel International, a fertilizer maker, has made a significant acquisition in the drone market. They obtained a majority stake in Chennai-based start-up Dhaksha Unmanned Systems. The deal was worth ₹204 crore. Coromandel Technology, a wholly owned subsidiary of Coromandel International, made the purchase. They acquired an additional 32.68% equity stake in the start-up. This investment values Dhaksha Unmanned Systems at ₹625 crore. Coromandel’s ownership now stands at a 51% stake.
The motive behind this acquisition is for Coromandel to capitalize on the growing drone market. Dhaksha Unmanned Systems is a prominent Indian drone start-up that provides products and services across various industries such as agriculture, defense, and surveillance. By leveraging Dhaksha’s drone technology expertise, Coromandel aims to expand its offerings and access new markets.
The acquisition of Dhaksha by Coromandel highlights the increasing interest in drone technology in India. The government has been actively promoting drone usage in diverse sectors, which is expected to result in rapid market growth in the upcoming years. This strategic move by Coromandel is a significant achievement, and it will be intriguing to witness the collaboration between the two companies in driving the expansion of the drone market in India.
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