Engineering services company Axiscades has acquired Bengaluru-based defence electronics firm Mistral Solutions for Rs 175 crore to enhance its competence in the embedded electronics space.
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“This acquisition will enhance our competence in embedded electronics and improve our customer base in India, “Sudhakar Gande, vice chairman of Axiscades, told ET.
Mistral focuses on the Indian defence and aerospace market and provides technology solutions specialising in embedded electronics. The 20-year-old firm has had a long-standing partnership with DRDO, HAL, Bharat Electronics and the likes and has been their chosen design and integration partner for aircraft subsystems.
Mistral has designed over 100 commercially-deployed products across verticals and has over 40 design wins in various Indian defence programmes. The acquisition will help Axiscades position itself as significant player in defence offset technologies.
Gande said the acquisition will “help capitalise on the Make in India initiative” by the government, leveraging on deep-rooted partnerships with established players in the Indian defence ecosystem.
Mistral was cofounded by Anees Ahmed and Rajeev Ramachandra in 1997. It has 300 employees and earned Rs 132 crore in revenue last year. With this acquisition, Axiscades will achieve a 30-40% increase in revenue in the current financial year, Gande said.
