RattanIndia Enterprises, through its wholly-owned subsidiary NeoSky India Limited, on May 26 announced that it has acquired 60% shareholding in Bengaluru-based drone startup Throttle Aerospace Systems Private Limited (TAS).
In a regulatory filing with the Bombay Stock Exchange, Rattan India Enterprises said that through this acquisition, NeoSky will be able to provide "full 360-degree drone solutions to customers with drones as a product (DAAP - drone hardware), drone as a service (DAAS - drone service solutions) and software as a service (SAAS - drone softwares). Through the acquisition, NeoSky will have board nomination rights for three directors, whereas promoters shall have the right to appoint one direction, a filing with BSE said.
Anjali Rattan Nashier, Business Chairperson of RattanIndia Enterprises Limited, said, “Over the next few years, drones will redefine how commerce is done in India. India 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."
Throttle Aerospace was founded in 2016 by Nagendran Kandasamy, an ex-Boeing aeronautical industry veteran, and others. A release by RattanIndia Enterprises (REL) said that Throttle Aerospace was the first drone manufacturer in the country to be approved by the Directorate General Civil Aviation (DGCA) and Ministry of Defence (MoD) for the manufacture of civil and military grade drones.
Earlier in the year, REL through NeoSky announced an investment in US-based drone systems company Matternet. The company works on drone deliveries and has completed more than 15,000 commercial flights in over 5 countries, the release by REL added.
In the future, REL, in a bid to be a market leader in the drone sector in India, said, it will target global markets for its drone products and services. "REL will do everything required to achieve its vision. More specifically, REL will continue to acquire the best intellectual capital and technology available in the
drone sector and will scout for this not only in India but globally as well," it added.
Apart from that, REL, on May 26, also announced the appointment of Sarath Chandra Gudlavalleti as CEO for NeoSky India. Prior to joining RattanIndia Enterprises, he previously worked in organisations like
Quikr, Microsoft, Nokia, and Coca-Cola in various roles.
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