Coromandel International forms a subsidiary for development of drones

Farm nutrients and pesticides manufacturer Coromandel International has incorporated a wholly-owned subsidiary, Coromandel Technology Ltd., for the design and development of unmanned aerial vehicles or drones.

The Murugappa group company in a stock exchange filing said that the new entity which was formed on December 27, 2022, is yet to commence operation.

Coromandel Technology will be involved in designing, development and manufacturing of unmanned aerial vehicles (UAV), and UAV mapping service.

It will also produce robotics systems, aerospace systems, aircraft systems, simulation and augmented virtual reality systems, unmanned ground systems, underwater systems. The new entity will also provide associated training, skill development, engineering services. The company will cater to transport, logistics, surveillance, robotic aerospace and navigation segments.

Telangana-based Coromandel International is a leading agri-solutions provider, offering diverse products and services across the farming value chain. It produces farm nutrients, specialty nutrients, organic fertilisers, and crop protection products such as fungicides, pesticides, herbicides and bio-products. The company has a presence in 81 countries with crop protection products.

Coromandel International had reported a total revenue of Rs 10,108.62 crore for the September 2022 quarter. Its net profit stood at Rs 738.12 crore in the second quarter.

Shares of Coromandel International ended 1.2 percent lower at Rs 887.