Magellanic Cloud Limited has announced the incorporation of a Special Purpose Vehicle (SPV) named Mcray Xtend India Private Limited, in collaboration with Rayonix Tech Private Limited. The SPV is established to focus on unmanned aerial vehicle (UAV) technology and defence technology solutions.
Magellanic Cloud will acquire a 60% shareholding in Mcray Xtend India Private Limited by subscribing to its paid-up equity share capital. This acquisition will make Mcray a subsidiary of Magellanic Cloud. The move aligns with the company’s strategic expansion plans in the UAV and defence technology sector, aiming to strengthen its participation in indigenous technology development initiatives within India.
The SPV will engage in activities related to UAV technology, including manufacturing, deployment, and other allied business operations. The incorporation and investment in this SPV are expected to enable Magellanic Cloud to undertake projects in UAV and defence technology, focusing on local manufacturing, deployment, and commercialisation activities in India.
The acquisition does not fall within the ambit of related party transactions, as none of the promoter or promoter group companies have any interest in Mcray Xtend India Private Limited, except for their shareholding interest in Magellanic Cloud, if any.
The acquisition will be completed following the subscription to the share capital, with Magellanic Cloud acquiring 6,00,000 equity shares of Mcray at a face value of ₹10 each. The transaction is expected to bolster Magellanic Cloud’s capabilities in the drone technology sector, which is becoming increasingly significant in both commercial and defence applications.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).