RattanIndia Enterprises appoints Peeyush Kumar to lead its drone business
Peeyush Kumar was previously working as the Chief Executive Officer (CEO) of Pixella, a drones company in India. Mr Kumar will bring deep experience in drones, robotics, artificial intelligence and electronics. He has worked with multinational companies like Panasonic, Samsung, Sony, TCL, HCL and Phillips over last 25 years.
RattanIndia Enterprises, on 10 August 2021, announced a strategic investment with U.S.-based Matternet, an urban drone logistics platform with operations across many countries worldwide. With the strategic investment in Matternet, RattanIndia Enterprises is incorporating a wholly owned subsidiary to kickstart UAV drone business operations in India. The board of RattanIndia Enterprises on 22 August 2021, approved incorporating a wholly owned subsidiary to kickstart drone business in India.
The Government of India is promoting the drones sector in India with recent announcements of liberalized Drone Rules, 2021 and introduction of Production Linked Incentive (PLI) scheme for drones industry. Drone systems are means of green, clean and ultra-fast mobility. Drones have wide industry application are poised to transform almost all sectors of the economy.
On a consolidated basis, RattanIndia Enterprises reported a net loss of Rs 0.83 crore in Q1 June 2021 as compared to a net profit of Rs 0.08 crore in Q1 June 2020. Net sales stood at Rs 1 crore in Q1 FY22.
Shares of RattanIndia Enterprises slipped 1.42% to Rs 45 on BSE. RattanIndia Enterprises is the flagship company of Rattanindia Group for its new age growth businesses. The company has forayed into electric mobility space through Revolt Motors to democratize clean commute using next-gen mobility solutions. The company is completely focused on providing world class electric mobility products which are affordable and accessible to every Indian.
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