News on Medial

DroneAcharya announces strategic merger with AVPL

Entrackr · 1m

DroneAcharya announces strategic merger with AVPL BSE-listed company DroneAcharya Aerial Innovations has signed a term sheet with AVPL International to establish a joint venture aimed at enhancing drone manufacturing capabilities in India. DroneAcharya has also approved the adoption of an Employee Stock Option Plan (ESOP) to boost employee engagement and align their interests with organizational goals. This collaboration aims to leverage the expertise of both parties to develop advanced drones for various applications, including agriculture, surveillance, and logistics. According to sources, the two companies have proposed the name 'AVPL DroneAcharya' for the merged entity. AVPL, owned by AITMC Ventures Ltd, operates in 12 states with 50 Global Incubation and Skill Hubs (GISH) and 20 World Incubation and Skill Hubs (WISH) focused on drones and agriculture. The company offers drone training, drone as a service (DaaS), drone manufacturing, and agri-input retail outlets across India. AITMC Ventures recorded 95.2% growth in operating revenue during FY24 to Rs 41.87 crore, while its profits surged 82.6% to Rs 8.84 crore during the same period. DroneAcharya made its entry into the public market in December 2022 via BSE SME. It got listed at a 90% premium followed by the upper circuit on the same day. As of January 23, 2025, the share price of the company is at Rs 110.15 a piece.