Indian drone start-up Garuda Aerospace to set up plant in Malaysia
India's integrated drone manufacture and drone-as-a-service (DAAS) provider Garuda Aerospace Pvt. Ltd. will set up a production facility in Malaysia at an outlay of Rs 115 crore, said a top company official.
IANS
Jun 22, 2022 08:38
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Chennai, June 22 (IANS) India's integrated drone manufacture and drone-as-a-service (DAAS) provider Garuda Aerospace Pvt. Ltd. will set up a production facility in Malaysia at an outlay of Rs 115 crore, said a top company official.
"We have decided to set up a drone production facility in Malaysia with a production capacity of about 50 drones per day. We will be importing the components from India and other countries," Agnishwar Jayaprakash, Founder & CEO of Garuda Aerospace, told IANS.
The city-based company has tied up with with HiiLSE Global Sdn Bhd (HiiLSE Drones), a drone start-up in Malaysia.
"This partnership will define an ecosystem of drones with advanced artificial intelligence, machine learning, and deep learning technologies," Jayaprakash said.
He clarified that the partnership is not a joint venture with two companies sharing the equity capital. The Malaysian company will enable Garuda Aerospace to set up the plant and other business prospects, he said.
HiiLSE Drones founder and CTO, Shanmugam S. Thanggavilo said that a drone plant in the region would create 3,000 new jobs centered around drone expertise.
Garuda Aerospace is in the process of raising USD 30 million and it will close this July, Jayaprakash said.
