Coromandel International, a fertilizer company for crop protection and nutrients, is planning to increase its equity stake in Dhaksha Unmanned Systems, a drone start-up based in Chennai, by an additional 32.68%. The acquisition will be carried out by its wholly-owned subsidiary, Coromandel Technology Limited (CTL), at a cost of Rs 204 crore. With this new acquisition, Coromandel will become the majority shareholder, holding a 51% stake in Dhaksha, surpassing the previous stake held by the Murugappa Group's investment arm, Dare Ventures, which had a stake of 18.34% in Dhaksha.
Dhaksha, established in 2019 and headquartered in Chennai, holds a prominent position in India's drone industry. They offer a comprehensive range of Unmanned Aerial Systems (UAS) technology solutions for agriculture, defense, surveillance, and enterprise applications. Additionally, Dhaksha provides remote pilot training services, having trained over 950 pilots so far. Notably, Dhaksha is the only company in India to have received DGCA type certificates for three drone models, designed for agricultural and surveillance purposes, in the medium and small categories.
Arun Alagappan, the Executive Vice Chairman of Coromandel International, expressed his happiness in partnering with Dhaksha from its early start-up phase. He aims to expedite Dhaksha's growth journey and position it as a key player in the industry.
The investment in Dhaksha is a major milestone for Coromandel International as they enter the realm of advanced UAS technology. Arun Alagappan emphasized the vast potential of Dhaksha's drones, which not only contribute to resource efficiency and sustainability in agriculture but also find applications in defense and enterprise sectors.
Arun Alagappan recognized the recent decision by the Government of India to liberalize the policy for exporting civilian drones, presenting an opportunity for Dhaksha to explore international markets. Additionally, he emphasized Coromandel International's commitment to supporting Atma Nirbhar Bharat (self-reliant India) in the drone manufacturing sector, aiming to enhance domestic value creation and promote the development of frontier technologies.
Apart from its presence in the electric drone sector, Dhaksha stands out as the only Indian company offering type-certified petrol engine-based Hybrid Agri Drones. Their recognition in the Production-Linked Incentive (PLI) scheme further boosts their position and contributes to the development of the drone and drone component manufacturing sector within the country. As a result of their achievements, Dhaksha is currently experiencing a substantial increase in their order book.
