We are pleased to share that Argus Partners advised Walchandnagar Industries Limited (“WIL”) on the acquisition of approximately 60.3% stake in Aicitta Intelligent Technology Private Limited (“Aicitta”).

The investment will be made in multiple tranches over a period of 31 (thirty-one) months through a combination of equity shares and compulsorily convertible preference shares.

Aicitta specializes in research and development within the defense industry, focusing on unmanned systems. Walchandnagar views this investment as a strategic move to expand its defense business by leveraging synergies with Aicitta’s expertise in unmanned technology.

Commenting on the deal, WIL’s MD and CEO, Chirag Doshi, said “This deal marks an important inflection point in our journey in serving India’s defence needs through our enhanced capabilities. This acquisition opens up new avenues for growth through next generation defence technology development and a platform to create our own intellectual property (IP). The Aicitta deal signals our openness to adopting an inorganic growth approach in high-growth industries. Aicitta Technologies has already received a Project Sanction Order (PSO) with an opportunity size of close to Rs 1400 crores. We will have two working prototypes of the product ready for the trials in the coming 46 weeks.”

The team at Argus Partners advising WIL consisted of, Abhinav Bhalaik, Armaan Patkar (Partners), Himani Shah, Ishita Agarwal, (Senior Associates), and Rohan Lodge, Vishakha Somani (Associates).