AXISCADES acquires Mistral for Rs 175 crore

AXISCADES, the product engineering services firm backed by Rajeev Chandrasekhar's Jupiter Capital, has acquired Bengaluru-based defence product firm Mistral for Rs 175 crore as it looks to expand newer business opportunities in defence electronics.

The over two-decade-old Mistral has built over 300 commercial products and has worked on over 40 products for defence organisations such as Bharat Electronics Ltd, DRDO labs and state police departments.

Mistral, which employs 300 people, earned revenue of Rs 132 crore in fiscal 2017. Founders Anees Ahmed and Rajeev Ramachandra will continue to run the operations.

Mistral specialises in end to end embedded solutions & product engineering catering