Coromandel Intl Increases Stake by 7% in Dhaksha for ₹150 Cr

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Synopsis:

Coromandel International increases its stake in Dhaksha Unmanned Systems to 58% by investing ₹150 crore. Dhaksha, a key player in India's drone industry, has a current order book of ₹265 crore and aims to strengthen R&D and production.

Coromandel International News Today

Coromandel International Limited has disclosed its acquisition of an additional 7% stake in Chennai-based drone manufacturing firm Dhaksha Unmanned Systems. This investment, totalling ₹150 crore, aims to improve Dhaksha's operational capacities and support its expansion plans.

Additional ReadCoromandel Interntl. Ltd Share Price

Strategic Investment for Growth

The investment is directed towards enhancing Dhaksha's research and development endeavours, facilitating the fulfilment of large orders, and meeting the company's working capital requirements.

This move is aligned with Coromandel's strategic vision of diversifying into technology sectors and fostering technological advancements across various domains.

Consolidating Partnership

Coromandel International has been a long-standing supporter of Dhaksha, actively engaged since its early startup phase. The partnership has seen collaborative efforts in talent acquisition, research and development initiatives, and scaling up production capabilities.

By increasing its stake, Coromandel aims to further fortify this mutually beneficial relationship.

Additional Read: Coromandel International Initiates ₹1000 Cr Project in Andhra Pradesh

Dhaksha's Growth Trajectory

Established in 2019, Dhaksha specialises in providing comprehensive Unmanned Aerial Systems (UAS) technology solutions spanning agriculture, defence, surveillance, and enterprise applications.

The company has witnessed substantial growth, securing significant orders from the defence and agricultural input sectors. Its current order book stands at an impressive ₹265 crore.

Expansion Initiatives

Dhaksha's recent expansion includes the establishment of a state-of-the-art manufacturing facility on the outskirts of Chennai. This facility is poised to augment production capacities, enabling Dhaksha to meet the growing demand for its drone solutions effectively.

Sources:

https://economictimes.indiatimes.com/industry/indl-goods/svs/chem-/-fertilisers/coromandel-to-acquire-additional-7-pc-stake-in-dhaksha-invest-rs-150-crore/articleshow/110091281.cms?from=mdr

https://www.business-standard.com/markets/capital-market-news/coromandel-international-acquires-further-7-stake-in-dhaksha-unmanned-systems-124051301235_1.html

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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