Shares of RattanIndia Enterprises firmed up 1.98 per cent in early trade on Friday as investors welcomed the company’s move to foray into the drone business through its wholly-owned subsidiary NeoSky.
RattanIndia expects the commercial rollout of products in the first quarter of 2023.
The company has earmarked an initial investment of Rs 100 crore in NeoSky, which will design, manufacture and sell consumer micro drones across India, RattanIndia Enterprises Business Chairperson Anjali Rattan Nashier told PTI.
The company’s counter rose to a high of Rs 46.35 as against Rs 45.45 at the previous close on the National Stock Exchange.
Nashier was quoted as saying that RattanIndia will invest “easily in the coming future around Rs 100 crore” in the drone business initially.
“We have committed Rs 3,000 crore in RattanIndia Enterprises in total for investment in four businesses,” Nashier said to PTI.
RattanIndia Enterprises is building up new-age businesses. It has set up an electric vehicle subsidiary under Revolt Intellicorp, fintech business under Banks, online retail under Cocoblu, and drone business under NeoSky, PTI reported.
According to PTI’s report, RattanIndia Enterprises Chairman Rajiv Rattan said the company has started developing prototypes of the drones in-house.
“We as promoters are giving money to RattanIndia Enterprises for making investments,” Rattan was quoted as saying.
He said the company is looking to capitalize on the opportunity that has opened up following the ban on the import of drones in the country.
In August, RattanIndia Group had made a strategic investment in Silicon Valley-based on-demand drone delivery company ‘Matternet’, PTI report said.