Garuda Aerospace enters Sri Lankan market to target agricultural sector
Source: Business Standard
Cricketer M S Dhoni-backed drone technology firm Garuda Aerospace on Monday announced its entry in the Sri Lankan market where it will primarily target agricultural sector to enhance farming practices, besides exploring opportunities in homeland security and industrial applications.
As part of the company’s global expansion plans, the foray into Sri Lanka will also support Garuda in capitalising on the country’s strategic location and drone-friendly regulatory environment, Garuda Aerospace said.
The company said it is looking to spread its presence in at least 50 countries over the next few years, and has set aside $10 million, of the over Rs 100 crore revenue it delivered in FY24, to fuel the international growth.
“This (expansion into Sri Lanka) isn’t merely about growth, it’s about unlocking the full potential of drone technology to create substantial impacts across various sectors. Sri Lanka’s diverse landscape allows us to showcase how our innovative solutions can bring tangible benefits, from agriculture to infrastructure,” said Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace.
Garuda Aerospace, which produces small and medium category drones, had partnered with Greek manufacturer Spirit Aeronautical Systems early this year. It has also signed a pact with French aerospace giant Thales to promote growth and innovation in India’s drone sector.
Spirit Aeronautical specialises in rotary and fixed-wing weaponised drones.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 12 2024 | 8:19 PM IST
