Mumbai: India’s leading industrialist Mukesh Ambani has ventured into the emerging drones market with the Rs 23-crore equity shares acquisition by Reliance Industries Limited in Asteria Aerospace Private Limited.
Reliance Industries Limited (RIL) said in a filing with the stock exchanges today that its wholly-owned subsidiary, Reliance Strategic Business Ventures Limited, acquired the equity shares of Asteria Aerospace and the investment represented 51.78 per cent holding in the equity share capital of Aesteria Aerospace.
RIL closed business for the day at the Bombay Stock Exchange at Rs 1582.45, a marginal 0.95 per cent increase over the previous closing at Rs 1567.50 yesterday.
Reliance Strategic Business Ventures also proposed to make a further investment of up to Rs 125 crore, subject to Asteria Aerospace achieving agreed milestones.
“The further investment is expected to be completed by Dec. 2021. Post the further investment, the shareholding of Reliance Strategic Business Ventures Limited will increase to 87.3 per cent of the equity share capital of Asteria,” the filing document said.
The aforesaid investment will further enable the group’s initiatives in emerging technology. No governmental or regulatory approvals were required for the said investment, the document said.
“The investment does not fall within related party transactions and none of RIL’s promoter or promoter group or group companies have any interest in the transaction.”
Asteria Aerospace, incorporated in India on June 6, 2011, is a full-stack drone technology company with in-house drone manufacturing capabilities, and also offers software solutions to provide actionable insights from aerial data, intending to deliver “drone-as-a-service” digital platform. It has operations in India.
Asteria Aerospace is an early stage company, with a turnover of Rs 1.96 crore, Rs 2.04 crore and Rs 1 Lakh in Financial Year 2019, FY 2018 and FY 2017 respectively. It recorded a Net Profit (Loss) of Rs (12.71) crore, Rs (2.47) crore and Rs (2.43) crore in FY 2019, FY 2018 and FY 2017 respectively.