COROMANDEL REITERATES COMMITMENT TO TECHNOLOGY-LED AGRICULTURE
(L –R: Mr. Raghuram Devarakonda, President – CPC, Coromandel International Limited; Mr. Raja Raman, CBO, Dhaksha; Mr. Sameer Goel, Managing Director, Coromandel International Limited; Mr. Ramanathan Narayanan, Director and CEO, Dhaksha; Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International Limited; Mr. S. Sankarasubramanian, President – Fertiliser, Coromandel International Limited; Ms. Jayashree Satagopan, EVP &CFO, Coromandel International Limited)
Chennai, December 14, 2022: Coromandel International Limited (BSE:506395, NSE: COROMANDEL), India’s leading agri solutions company offering diverse products and services across the farming value chain and part of Murugappa Group continues its focus on technology adoption in agriculture and has been conducting drone trials in various locations. Coromandel has made strategic investments in technology-led agriculture and is looking forward to use AgTech to support farmers in increasing farmer’s productivity through adoption of precision agriculture. The company also recently invested INR 200 million into a differentiated drone startup, Dhaksha Unmanned Systems Private Limited. The investment was made through Coromandel’s venture capital arm, Dare Ventures.
Government of India has been encouraging the use of drone technology for agriculture applications like liquid / nano fertilisers and crop protection chemicals. In December 2021, the Government had released SOPs (Standard Operating Procedures) for drone regulation for pesticide application. These covered important aspects like statutory provisions, flying permissions, area distance restrictions, weight classification, overcrowded areas restriction, drone registration, safety insurance, piloting certification, operation plan, air flight zones and weather conditions.
Speaking on the investments, Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International Limited said, “As part of Coromandel’s technology focus, we are closely partnering with the Startup ecosystem and strengthening our presence in the Agtech space. Our investment in Daksha reflects this endeavour and gives us a strong position in the Unmanned Aerial Systems (UAS) technology solutions area. With focus on resource use efficiency, the drone adoption in agriculture holds significant potential to improve agri inputs effectiveness, reduce water usage, boost farm mechanization and drive precision agriculture practices. There has also been good support from the Government to improve its adoption in Agriculture in terms of policy and regulatory support. At Coromandel, we will continue to promote such technologies that can drive productivity gains and sustainable agricultural practices in the Indian farms”.
About Dhaksha
Dhaksha, one of the forerunners in the drone space in India, provides a complete range of Unmanned Aerial Systems (UAS) technology solutions for different applications covering agriculture, defence, surveillance and delivery, amongst others. Based out of Chennai, the company has over the years developed expertise in drone R&D, testing, manufacturing, and customer support. In addition to having developed capability to manufacture battery-operated drones, Dhaksha is the only company in India to manufacture petrol engine-based drones.
About Coromandel
Coromandel International Limited is amongst India’s pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses and Crop Protection. These include Fertiliser, Crop Protection, Bio Products, Specialty Nutrients and Organic businesses. The Company is 2nd largest manufacturer and marketer of Phosphatic fertiliser in India. The Company’s Crop Protection products are marketed in India as well as in international geographies, offering wide range of technical and formulation products. The Specialty Nutrients business of the Company focuses on water soluble fertiliser and secondary & micronutrients segments. The Company is leading marketer of Organic fertiliser in India. The Bio Products business of the company focusses on plant extractions for various applications. It also operates a network of around 750 rural retail outlets across Andhra Pradesh, Telangana and Karnataka. Through these Retail outlets, the Company offers farming services including crop advisory, soil testing and farm mechanization to around 3 million farmers. The Company has a strong R&D and Regulatory setup, supporting the businesses in process development and new product introduction. The Company has 17 manufacturing facilities, producing wide range of Nutrient and Crop Protection products, which are marketed through an extensive network of dealers and its own retail centers.
The Company clocked a turnover of Rs. 19,255 Crores during FY21-22. Its efforts towards environment have been well recognized by international organizations like UNDP and has also been voted as one of the ten greenest companies in India by TERI. Coromandel is a part of the INR 547 Billion (INR 54,722 Crores) of the Murugappa Group.
For more details, visit https://www.coromandel.biz/
About Murugappa Group
Founded in 1900, the INR 547 Billion (INR 54,722 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock & Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals). The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Source – The Hindu