 "infosys")
IT services major Infosys on Thursday said it will invest an additional USD 1 million (about Rs 7.2 crore) in ideaForge Technology, a UAV systems manufacturing company.
In 2016, Infosys had announced investing in ideaForge, an Indian start-up focused on unmanned aerial vehicle or UAV solutions (drones).
"The company has agreed with ideaForge Technology...to invest an additional USD 1 million (earlier, the company had invested USD 1.5 million in 2016) taking the cumulative investment to USD 2.5 million as of date, subject to necessary closing conditions," Infosys said in a regulatory filing.
The transaction is expected to be completed in the fourth quarter of FY21, it added.
The filing noted that Infosys has a minority holding, not exceeding 20 per cent of the outstanding share capital of the company.
"ideaForge's UAV systems are increasingly being used across a wide spectrum of organisations. Several customers of Infosys have also embraced UAV systems as they digitalise rapidly. The investment is intended to be utilised on R&D, sales, marketing, business development and working capital needs at ideaForge," it added.
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This is expected to enhance joint capabilities to help Infosys customers better, the filing said.
Based out of Mumbai, ideaForge is known for rugged and high-precision UAV systems. The systems are used extensively for inspection, surveillance and mapping with integrated vertical solutions across defence, homeland security, mining, construction, agriculture, energy and utilities.
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