Argus Partners advised Walchandnagar Industries Limited on the acquisition of approximately 60.3% stake in Aicitta Intelligent Technology Private Limited.
The team at Argus Partners advising WIL consisted of, Abhinav Bhalaik (Partner), Armaan Patkar (Partner), Himani Shah (Senior Associate), Ishita Agarwal (Senior Associate), Rohan Lodge (Associate) and Vishakha Somani (Associate).
The investment will be made in multiple tranches over a period of 31 (thirty-one) months through a combination of equity shares and compulsorily convertible preference shares.
This strategic move is valued at up to ₹16 crore according to CNBC. The move aligns with WIL's objective to diversify and enhance its defense technology offerings.
The investment will be executed in multiple phases, with the first tranche expected within 45 to 60 days from the signing of the agreement, and the remaining tranches to be completed within 31 months thereafter. Upon completion, AiCitta will become a wholly-owned subsidiary of WIL, positioning the company to capitalize on emerging opportunities in autonomous military systems and reinforcing its commitment to advancing India's defense capabilities.
Walchandnagar views this investment as a strategic move to expand its defense business by leveraging synergies with Aicitta’s expertise in unmanned technology.
Aicitta specializes in research and development within the defense industry, focusing on unmanned systems.
Walchandnagar Industries is a Heavy Engineering Company with a presence in Strategic Sectors like Defence, Nuclear & Aerospace and Industrial Products like Gears, Centrifugals, Castings and Gauges.
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