This OEM Civil Aviation Company Enters UAV Sector Through 3-Partner JV

Aequs Limited has announced the execution of a Joint Venture Agreement and Shareholders Agreement to enter the unmanned aerial vehicle (UAV) sector. The partnership brings together Aequs Limited, Accel India VIII (Mauritius) Ltd, and Vagus Defence Tech & Aerospace Fund I through a newly formed joint venture entity named Ajna Aerospace & Defence Private Limited.

The primary purpose of the venture is to build a comprehensive UAV-related business encompassing sourcing and acquiring intellectual property (IP) from overseas licensors, developing proprietary IP within India, and managing the manufacturing, assembly, testing, and marketing of unmanned aerial vehicles for both domestic and international markets.

Under the agreement, Aequs, Accel, and Vagus will maintain equal shareholding in the joint venture. Each partner is entitled to specific rights, including the right of first offer (ROFO) and right of first refusal (ROFR), and will nominate one director to the Board of Ajna Aerospace & Defence Private Limited. All parties confirmed that the transaction is not a related party transaction and was conducted at arm’s length.

The formation of this JV marks a strategic push by Aequs toward defence and aerospace technology, with a structured framework for IP acquisition, product development, and global market outreach.

Business Overview 

Aequs is a vertically integrated precision manufacturing company, with the Aerospace Segment contributing the lion's share of its revenue (approximately 89 per cent in FY25). It supplies critical components across engine systems, landing systems, and aircraft structures for major global programmes like the Airbus A320 and Boeing B737.

Disclaimer: The article is for informational purposes only and not investment advice.