RattanIndia Enterprises launches drones business in wholly owned subsidiary NeoSky India Limited

Rattanindia Enterprises Ltd. announced the launch of its drones business in its wholly owned subsidiary NeoSky India Limited. Drone systems are means of green, clean and ultra-fast mobility. Drone systems have wide variety of commercial and industrial applications in logistics, agriculture, mining, infrastructure, surveillance, emergency response, transportation, geo-spatial mapping, defence, and law enforcement.

RattanIndia Enterprises Ltd. recently made a strategic investment in US based Matternet, the world's most extensive urban drone logistics platform. NeoSky India Limited, a wholly owned subsidiary of RattanIndia Enterprises Ltd. will develop cutting edge drones system platform focussed on industry applications in India.

Drone systems will prove to be extremely transformative by providing cost effective solutions for developing countries like India. Government of India is promoting the drones sector in India with recent announcements of liberalized Drone Rules, 2021 and introduction of Production Linked Incentive (PLI) scheme for drones industry which seeks to make India a global hub for drones.

The Company had recently appointed Mr. Peeyush Kumar as Head of Drones business. Mr. Peeyush Kumar is former CEO of Pixella, a drones company in India and has deep experience in drones, robotics, artificial intelligence and electronics.

Anjali Rattan, Business Chairperson of RattanIndia Enterprises said "We are thrilled with the launch of our drones business in NeoSky. I am sure, as the name suggests, NeoSky will usher in a new era of aerial industry applications with its cutting edge drones platform."

Shares of RATTANINDIA ENTERPRISES LIMITED was last trading in BSE at Rs. 45.6 as compared to the previous close of Rs. 45.65. The total number of shares traded during the day was 149913 in over 551 trades.

The stock hit an intraday high of Rs. 46 and intraday low of 44. The net turnover during the day was Rs. 6724065.

Source : Equity Bulls

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