Pune-based Walchandnagar Industries Ltd on Tuesday (March 4) said it has approved the acquisition of a 60.3% stake in Aicitta Intelligent Technology Private Ltd, a defence R&D startup specialising in unmanned systems. The investment, totalling up to ₹16 crore, will be made through a combination of equity shares and compulsorily convertible preference shares
“…we hereby inform you that the Board of Directors of Walchandnagar Industries Limited (company), at their meeting held today viz. Tuesday, March 04, 2025, has approved the acquisition of securities of Aicitta Intelligent Technology Private Limited (Aicitta) (Transaction). Aicitta is in the business of research and development in defense industry (Unmanned Systems),” Walchandnagar Industries said in a regulatory filing.
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The acquisition will be completed in tranches over 31 months, with the first tranche expected within 45-60 days, subject to customary conditions. Walchandnagar sees this investment as part of its strategy to expand its defence business by leveraging synergies with Aicitta’s expertise in unmanned systems.
“The Transaction shall be completed in tranches over a period of 31 months commencing from the date of investment of the first tranche, and each tranche shall be subject to customary conditions precedent, conditions and milestones, as set out in the Transaction Documents,” the company added.
The deal involves agreements with Aicitta’s promoters, Arjun Das and Vikram Sarin, including a share subscription agreement and a shareholders’ agreement.
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Shares of Walchandnagar Industries Ltd ended at ₹154.05, up by ₹7.30, or 4.97%, on the BSE.
