Surveillance technology firm Magellanic Cloud has formed a joint venture, valued at around Rs 100 crore, with indigenous defence technology firm Rayonix Tech to manufacture unmanned aerial vehicles in India.
The company said in a statement that the joint venture will make drones (unmanned aerial vehicles) in partnership with Israel-based AI-powered robotics, UAV and software systems company Xtend.
"This joint venture (JV) marks a defining moment in Magellanic Cloud's mission to revolutionise the defence ecosystem.
"By integrating Xtend's globally battle-proven platforms, we are delivering more than just a drone; we are providing a sophisticated digital nervous system for modern warfare," Magellanic Cloud Global CEO and MD, Joseph Sudheer Thumma, said in a statement.
The company said that the JV is valued at approximately $11 million (around Rs 100 crore).
The joint venture will establish localised manufacturing, testing and distribution capabilities for UAV systems in India, to cater to the growing demand for advanced UAV systems from India's defence ecosystem.
Thumma said the drone sets will be ready within the next four to six months.
