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Infosys to invest additional $1 million in ideaForge Technology

IT services major Infosys on Thursday said it will invest an additional USD 1 million (about Rs 7.2 crore) in ideaForge Technology, a UAV systems manufacturing company.

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Infosys  | Investment

Press Trust of India  |  New Delhi 

infosys

IT services major on Thursday said it will invest an additional USD 1 million (about Rs 7.2 crore) in ideaForge Technology, a UAV systems manufacturing company.

In 2016, had announced investing in ideaForge, an Indian start-up focused on unmanned aerial vehicle or UAV solutions (drones).

"The company has agreed with ideaForge Technology...to invest an additional USD 1 million (earlier, the company had invested USD 1.5 million in 2016) taking the cumulative to USD 2.5 million as of date, subject to necessary closing conditions," said in a regulatory filing.

The transaction is expected to be completed in the fourth quarter of FY21, it added.

The filing noted that Infosys has a minority holding, not exceeding 20 per cent of the outstanding share capital of the company.

"ideaForge's UAV systems are increasingly being used across a wide spectrum of organisations. Several customers of Infosys have also embraced UAV systems as they digitalise rapidly. The is intended to be utilised on R&D, sales, marketing, business development and working capital needs at ideaForge," it added.

This is expected to enhance joint capabilities to help Infosys customers better, the filing said.

Based out of Mumbai, ideaForge is known for rugged and high-precision UAV systems. The systems are used extensively for inspection, surveillance and mapping with integrated vertical solutions across defence, homeland security, mining, construction, agriculture, energy and utilities.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 12 2021. 01:43 IST
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