NEW DELHI, April 24 (Reuters) – A bribery investigation by India’s federal crime-fighting agency has put a spotlight on drone technology company Asteria Aerospace, a little-known unit of billionaire Mukesh Ambani’s Reliance Industries.
The Central Bureau of Investigation arrested officials from India’s aviation watchdog and Reliance Industries earlier this week, alleging bribery payments to secure approvals for certain drone imports.
Reliance has previously said it did not authorise nor was aware of any such transactions, while the lawyer for the aviation watchdog’s official has opposed his custody.
THE DRONES BUSINESS
India’s drone industry has been on a growth trajectory since Prime Minister Narendra Modi’s government liberalised the drone use policy in 2021. India currently has around 39,000 permitted drones, used for crop monitoring, village surveys and other public initiatives.
Asteria Aerospace describes itself as a drone technology company that provides “actionable intelligence from aerial data”. It helps companies capture accurate data and conduct AI-based visualization through the use of geospatial imagery captured from drones, according to its website.
Asteria provides services to agriculture, construction, telecom, and oil and gas sectors through the more than 400 drones it has deployed.
Asteria’s drone services to Reliance BP Mobility, for example, analysed traffic on roads and measured vehicle speeds to help finalise a site for a retail outlet.
FOUNDERS AND RELIANCE ACQUISITION
The company was started in 2011 in India’s technology hub Bengaluru by Nihar Vartak and Neel Mehta. In 2019, Reliance bought it in a $2.45 million deal.
Reliance has said the acquisition was part of the group’s initiative in emerging technologies. Reliance Jio Platforms, the group’s digital unit, controls 74% of Asteria, data from March 2024 shows.
Reliance Jio Platforms is also gearing up to launch an IPO, in what could be the country’s biggest-ever stock market offering.
Asteria recorded a revenue surge from 11 million rupees ($117,000) in fiscal 2020 to 400 million rupees ($4.24 million) in fiscal 2024.
GOVERNMENT APPROVALS
The Drone Rules 2021 mandate that an uncrewed aircraft system cannot operate in India without a certificate. Asteria says it is the first Indian drone manufacturer to receive three types of certification from the aviation safety watchdog.
Asteria said its indigenous drone AT-15 was showcased at the 77th Republic Day Parade earlier this year.
In the bribery case, the police say they acted following a tip-off that alleged the Reliance executive and the government official had settled on an amount of $16,000 to process three applications related to drone imports by Asteria Aerospace.
(Reporting by Arpan Chaturvedi; Editing by Aditya Kalra and Tom Hogue)
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