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Coromandel International Acquires an Additional 7% Stake in Dhaksha

May 14, 2024

By: BlinkX Research Team

Coromandel International Limited, through its wholly-owned subsidiary Coromandel Technology Limited (CTL), announced the acquisition of an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems Private Limited, the company said in an exchange filing on Monday.

Key Takeaways from the Acquisition:

• Coromandel International will invest 150 crore rupees via fresh issue
• The company’s shareholding in Daksha will increase to 58%.

Further, India's leading Agri solutions provider, Coromandel will invest 150 crore rupees through a fresh issue of shares leading to an increase in its overall shareholding in Dhaksha to 58%.

About Dhaksha: 

Dhaksha established in 2019 is a leading player in drone space in India. It provides a complete range of Unmanned Aerial Systems technology solutions across agriculture, defence, surveillance and enterprise applications. It also offers remote pilot training services (RPTO) and has recently trained several drone pilots. 

About Coromandel International:

Coromandel International, a leading Agri solutions provider offers diverse products and services across the farming value chain. The company operates in two major segments: Nutrient and other allied businesses and Crop Protection which includes fertiliser, crop protection, bioproducts, speciality nutrients and organic companies. It is the second largest manufacturer and marketer of Phosphatic fertiliser in India.

Read More About Coromandel International Ltd Share Price Here!