New Delhi: The flagship company of RattanIndia Group, RattanIndia Enterprises Ltd (REL), today acquired 60% shareholding in Throttle Aerospace Systems Private Limited (TAS), a drone company. This investment has been done through NeoSky India Limited (NeoSky), a wholly-owned subsidiary of RattanIndia Enterprises Limited, engaged in the business of drones.
With 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 software).
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 more rapidly than in other parts of the world. We believe drones will be the new smartphones, we want to see ‘Made in India’ drones in every Indian house.”
REL had earlier announced a strategic investment in a Silicon Valley- based drone systems company Matternet.
REL will also target global markets for its drone products and services, it said.
The drone market is expected to grow to USD 50 billion over the next 15 years as per estimates by Niti Aayog. The government of India is aggressively promoting the sector with a slew of incentives including liberalized Drone Rules in August 2021 and the PLI scheme to make India a global hub for drones by 2030.
Modi will inaugurate India’s biggest Drone Festival – ‘Bharat Drone Mahotsav 2022’ – on May 27 at 10 am at Pragati Maidan, New Delhi, the Prime Minister’s Office (PMO) said in a statement.