- 30 Jun 2023
- ICICI Securities
COROMANDEL ACQUIRES ADDITIONAL 32.7% STAKES IN DHAKSHA UNMANNED SYSTEMS PRIVATE LIMITED
COROMANDEL - 1778 Change: -0.95 (-0.05 %)News: Coromandel International Limited, through its wholly owned subsidiary Coromandel Technology Limited, is acquiring an additional 32.68% equity stake in Dhaksha Unmanned Systems Pvt. Ltd (Dhaksha), a Chennai based differentiated drone start-up at an outlay of Rs 204 crore. Coromandel had earlier acquired 18.34% in Daksha through its investment arm Dare Ventures Limited. With this acquisition, Coromandel will be holding a majority (51%) stake in Dhaksha.
Views: The investment in Dhaksha aligns with Coromandel's strategy to identify promising growth paths outside of its core businesses. As per 1Lattice report, the India Drone industry is projected to grow from US$4.3 crore by FY22 to US$ 81.2 crore by FY27, exhibiting the growth CAGR of 80% over FY22-27. With foray into drones and specialty chemicals and contract manufacturing business, Coromandel International is all set to provide a one-stop solution in crop protection industry.
Impact: Positive