RIL makes investment in drones player - Times of India (Online Edition)
14-Dec-2019 10:17:27 AM
Reliance Industries has invested Rs 23 crore in Bengaluru-based Asteria Aerospace for a 52% stake, marking its first investment in drones. In July this year, Asteria's A200 drone, which is less than 2 kg in weight, received provisional certification from the Directorate General of Civil Aviation (DGCA).The certification allows A200 to be used for commercial purposes that could include monitoring cell towers, inspecting sites and delivering items. Reliance said it will make an additional investment of Rs 125 crore in Asteria if the startup manages to achieves certain milestones by December 2021. This investment will increase Reliance's stake in Asteria to 87%. Asteria was founded by two Purdue aerospace engineering graduates, Nihar Vartak and Neel Mehta, in June 2011. Asteria had a turnover of around Rs 2 crore in FY19. It reported losses in the last three fiscals.