Zen Technologies acquires 55% stake in defence drone company TISA Aerospace
Zen Technologies will be acquiring around 54.7% stake in Hyderabad-based TISA Aerospace for a consideration of nearly Rs 6.6 crore. This it will be doing through the acquisition of 2,06,518 equity shares from existing shareholders in the company.
Zen Technologies will also be acquiring another 4 lakh 6% compulsory convertible debentures of TISA, which was set up by Raghu Vamsi Group's promoter Vamsi Vikas Ganesula and Kiran Kumar Vagga in December 2020.
News of the acquisition powered Zen Technologies shares to the 5% upper circuit at Rs 1995.30 a share on the Bombay Stock Exchange on Monday as compared to the previous sessions close of Rs 1900.30 a share.
The move marks Zen Technologies' foray into the rapidly growing domain of loitering munitions, UAVs and precision guided weaponry.
Zen Technologies chairman and managing director Ashok Atluri said the move would beef up the company's presence in the rapidly evolving defence drone sector.
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'TISA's expertise in loitering munitions provides us with immediate access to advanced technologies and platforms that align with the emerging operational requirements of the armed forces,' he said.
Pointing out that TISA has achieved significant R&D milestones, which includes the successful execution of a project for DRDO with critical design assistance from IIT Madras, Atluri said: 'By integrating these capabilities with our existing strengths in anti-drone systems and propulsion technologies, we are building a broader and more future-ready defence portfolio.'
He said the move is in line with India's 'urgent need' for self-reliance in defence capabilities, particularly in drones and loitering munitions.
'We see strong potential in product integration across platforms, enabling us to scale faster and compete more effectively in both domestic and global markets,' Atluri added.
TISA Aerospace is focused on the design, development, and manufacture of advanced loitering munitions and UAVs tailored for defence applications. The company has successfully delivered loitering munitions meeting DRDO specifications and is developing new variants for the Indian Army.
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