Coromandel International, a prominent player in the agriculture solutions sector, has announced its acquisition of an additional 7% stake in Dhaksha Unmanned Systems for ₹150 crore. With this move, Coromandel’s shareholding in the Chennai-based drone manufacturer rises to 58%, solidifying its commitment to innovation and technology adoption in diverse sectors.
The infusion of funds from this transaction is poised to bolster Dhaksha’s research and development endeavors, support the fulfillment of large orders, and address working capital requirements. Coromandel, through its subsidiary Coromandel Technology, expressed confidence in Dhaksha’s growth trajectory and its ability to capitalize on emerging opportunities in the unmanned systems market.
Arun Alagappan, Executive Chairman of Coromandel International, affirmed the strategic significance of this investment, aligning with Coromandel’s vision of diversifying into technology spaces and fostering technological advancements across various domains. He underscored Coromandel’s longstanding association with Dhaksha, dating back to its startup phase, highlighting the company’s support in talent acquisition, research and development, and scaling up production.
Dhaksha, incorporated in 2019, has emerged as a key player in the unmanned aerial systems (UAS) sector, catering to diverse applications ranging from agriculture to defense and surveillance. The company’s recent focus on enhancing technological capabilities and expanding production capacity has positioned it as a frontrunner in the industry.
“We remain committed to bringing in the latest innovations in drones and enabling Dhaksha to become a drone manufacturing major in the country,” stated Mr. Alagappan, emphasizing Coromandel’s dedication to facilitating Dhaksha’s growth and expansion.
Dhaksha’s impressive order book, valued at ₹265 crore, reflects the confidence placed in its offerings by defense and agri-input companies. The company’s recent expansion of production capacity, coupled with its state-of-the-art manufacturing facility on the outskirts of Chennai, underscores its commitment to meeting the growing demand for unmanned systems. As Coromandel International strengthens its partnership with Dhaksha Unmanned Systems, the collaboration is poised to drive innovation, efficiency, and excellence in the burgeoning unmanned systems market, further solidifying India’s position as a leader in cutting-edge technology solutions
