Connect with us

Headlines of the Day

RattanIndia acquires 60% stake in Throttle Aerospace Systems

RattanIndia Power Ltd. (formerly Indiabulls Power Limited)| On a listing day – October 30, 2009, The stock has fallen 12.78 percent to Rs 39.25 as against the issue price of Rs 45.00. The company issue size was Rs 1,758.15 crore.

Diversified firm RattanIndia Enterprises on Thursday said it has acquired 60 per cent stake in drone company Throttle Aerospace Systems Pvt Ltd (TAS).

The investment in TAS has been done through NeoSky India Ltd (NeoSky), a wholly-owned subsidiary, RattanIndia Enterprises said in a statement.

However, the company did not disclose the financial details of the transaction.

Founded in 2016, led by Nagendran Kandasamy, an ex-Boeing, aeronautical industry veteran, TAS has been approved by Directorate General Civil Aviation (DGCA) and Ministry of Defence (MoD) to manufacture civil and military grade drones, it added.

Saying that over the next few years, Drones will redefine how commerce is done in India, RattanIndia Enterprises Business Chairperson Anjali Rattan Nashier said the country has shown that it adopts technology very rapidly as compared to other parts of the world.

”We at NeoSky want drones to solve some of the biggest challenges faced by consumers and enterprises in their daily lives,” Nashier added.

The acquisition will enable NeoSky to provide full 360 degree drone solutions to customers such as drones as a product (DAAP – drone hardware), drone as a service (DAAS – drone service solutions) and software as a service (SAAS – drone softwares), the company said. PTI

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2023 Communications Today

error: Content is protected !!