RattanIndia Enterprises acquires 60 pc stake in drone company Throttle Aerospace Systems

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)