Coromandel International through its wholly owned subsidiary Coromandel Technology (CTL), is acquiring an additional 32.68% equity stake in Dhaksha Unmanned Systems. (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. With this acquisition, Coromandel will be holding a majority (51%) stake in Dhaksha.
Investment in Dhaksha is in continuation with Coromandel’s strategy to identify promising avenues of growth outside its core operations in Agri-inputs which would be value accretive for its shareholders. It will facilitate Coromandel’s presence in the fast-growing UAS segment where drones and its applications are expected to exponentially grow and reach a global market size of $90 Billion by 2030. This investment follows the company’s recent announcement of its entry into Specialty Chemicals and Contract Manufacturing (CDMO) businesses.
Coromandel International is amongst India's pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain.
Company Name | CMP |
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Coromandel Interntl. | 1185.55 |
National Fertilizers | 105.70 |
Chambal Fert & Chem | 422.80 |
RCF | 151.75 |
Paradeep Phosphates | 70.45 |
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