RattanIndia Enterprises Ltd (REL) on Thursday said it acquired 60 per cent stake in the Bengaluru-based Throttle Aerospace Systems Private Limited (TAS) – a drone maker – for an undisclosed sum.

This investment in Throttle Aerospace Systems was done through NeoSky India Limited (NeoSky), a wholly owned subsidiary of RattanIndia Enterprises Limited, with the latter being involved in the business of drones.

The acquisition will allow NeoSky to provide full 360 degree drone solutions to customers covering categories like Drones as a Product (DAAP - drone hardware), Drone As a Service (DAAS – drone service solutions) and Software as a service (SAAS – drone software).

“In addition to Indian markets, REL will also target global markets for its drone products and services,” it said in a statement.

The BSE-listed REL had earlier announced a strategic investment in Silicon Valley, US, based drone systems company Matternet - a global leader in drone deliveries having done more than 15,000 commercial flights in over five countries.

The domestic drone market is expected to grow to $50 billion over the next 15 years, as per estimates of Niti Aayog. A slew of incentives including liberalised Drone Rules in August 2021 and PLI scheme to make India a global hub for drones by 2030 have also been introduced.