The board of RattanIndia Enterprises on Sunday, 22 August 2021, approved incorporating a wholly owned subsidiary to kickstart drone business in India.
RattanIndia Enterprises, on 10 August 2021, announced a strategic investment with U.S.-based Matternet, an urban drone logistics platform with operations across many countries worldwide. With the strategic investment in Matternet, RattanIndia Enterprises is incorporating a wholly owned subsidiary to kickstart UAV drone business operations in India.
Drone systems have a wide variety of commercial and industrial applications in healthcare and e-commerce logistics, infrastructure monitoring, agriculture, weather monitoring, surveying, law and order and traffic monitoring. As per the company's exchange filing, drone systems will prove to be extremely transformative by providing cost effective solutions for developing countries like India, which have large urban agglomeration and ultra-high population density and lack of fundamental infrastructure.
The Government of India realizes the immense economic potential of the drone industry and took a major step toward opening the market when it released Draft Drone Rules on 15 July 2021. The rules are intended to ensure the ease of using drones in India based on trust, self-certification and non-intrusive monitoring.
Salient features of these draft drone rules include establishment of drone corridors for cargo deliveries; drone promotion council to facilitate a drone-friendly regulatory regime; removal of restrictions on drone operations of foreign-owned companies; reduction in limits for operations from the airport perimeter; and faster and paperless approvals.
On a consolidated basis, RattanIndia Enterprises reported a net loss of Rs 0.83 crore in Q1 June 2021 as compared to a net profit of Rs 0.08 crore in Q1 June 2020. Net sales stood at Rs 1 crore in Q1 FY22.
RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
Shares of RattanIndia Enterprises hit a lower circuit of 5% at Rs 46.05 on BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU