Coromandel Increases Stake in Drone Company Dhaksha; Invests INR 150 crore to Support Research & Expansion Projects

Coromandel International Limited, India's leading Agri solutions provider, through its wholly owned subsidiary Coromandel Technology Limited (CTL), announced acquisition of an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems Private Limited. Coromandel will invest INR 150 crores through fresh issue of shares to increase its overall shareholding in Dhaksha to 58%.

Dhaksha, incorporated in 2019 and headquartered in Chennai, is a leading player in drone space in India, providing 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) and has trained several drone pilots to date.

In the last year, Dhaksha has bagged several orders from defence and agri input companies and its current order book stands at INR 265 crore. The company has recently expanded its production capacity with a state-of-the-art manufacturing facility established on the outskirts of Chennai. The proceeds from this fund-raise will help Dhaksha in strengthening its research & development efforts, cater to servicing large orders and meeting its working capital needs.

Commenting on the investment in Dhaksha, Arun Alagappan, Executive Chairman, Coromandel International Ltd, said “Coromandel has been associated with Dhaksha right from its early startup stage and has been supporting the company on talent acquisition, R&D, and production scale-up. In the past one year, Dhaksha has strengthened its technological capabilities and has invested in research activities to develop new products & applications. This investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres.”

“We remain committed to bringing in latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country,” he added.