Garuda Aerospace speeds up IPO amid India's push for agri-drones

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Garuda Aerospace speeds up IPO amid India's push for agri-drones
Credit: © Reuters.

Chennai-based Garuda Aerospace is fast-tracking its initial public offering (IPO) in response to the Indian government's significant investment in agricultural drones. The government's initiative, named 'Namo Drone Didi', has earmarked ₹1,261 crores to promote agricultural innovation and the empowerment of rural communities, particularly focusing on training rural women entrepreneurs in drone technology.

Garuda Aerospace's CEO, Agnishwar Jayprakash, expressed enthusiasm for the initiative's potential to transform farming practices and foster economic independence among rural women. The company's decision to accelerate its IPO aligns with its strategic goals to expand operational capacity and enhance research and development in the agricultural sector.

The 'Namo Drone Didi' campaign, championed by Prime Minister Modi, is drawing attention to the agri-drone industry's growth potential and attracting venture capital interest. Garuda Aerospace plans to leverage the IPO proceeds to support business growth and increase agricultural R&D efforts over the next two years, with a particular emphasis on societal impact and innovation.

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