Mumbai, March 5 -- Aicitta is a start-up and is in the business of research and development in defense industry (Unmanned Systems). Its registered office is in Bangalore. Its turnover for FY24 was Rs 4,250.

The said acquisition is in line with the company's strategy of diversifying its defense business, as Aicitta and the company operate in similar fields of defense which will help both the companies to grow.

The company shall be acquiring in a combination of equity shares and compulsory convertible preference shares of Aicitta for a total subscription consideration of upto Rs 16 crore, for an ownership stake of approximately 60.3% on a fully diluted basis.

The first tranche of investment is expected within 45-60 days from signing of t...