 "Adani Enterprises subsidiary picks 50% stake in General Aeronautics")
Deepening its presence in the defence and aeronautics sector, Adani Defence Systems and Technologies Limited, the wholly owned subsidiary of Adani Enterprises Limited (AEL) on Friday announced 50 per cent stake acquisition in Bengaluru-based commercial drone player General Aeronautics Private Limited.
Made for an undisclosed amount, the 50 per cent stake acquisition will help Adani Defence Systems and Technologies to leverage its own military drone as well as artificial intelligence (AI) and machine learning (ML) capabilities for extending work into the domestic agricultural sector.
An end-to-end agriculture platform solution provider, General Aeronautics provides robotic drones and drone based solutions for crop protection services, crop health, precision farming and yield monitoring using AI and analytics for the agricultural sector.
To be completed by July 31, 2022, the acquisition will be based on cash consideration, AEL stated in its regulatory filing on Friday.
Adani Enterprises Ltd.'s shares were up by 1.58 per cent or Rs 32.40 per share to close at Rs 2080.10 apiece on Friday on BSE.
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