Magellanic Cloud Limited has incorporated a Special Purpose Vehicle (SPV) named MCRAY XTEND INDIA PRIVATE LIMITED in collaboration with Rayonix Tech Private Limited for UAV and defence operations. The entity was established on May 21, 2026, pursuant to a Strategic Investment and Collaboration Agreement between the two companies. The SPV will undertake activities relating to unmanned aerial vehicle (UAV) technology, defence technology solutions, manufacturing, deployment, and other allied business operations.
Under the partnership agreement, Magellanic Cloud will acquire 60% shareholding in MCRAY XTEND India through subscription to its paid-up equity share capital. The transaction involves the acquisition of 6,00,000 equity shares at a face value of ₹10/- each via cash consideration. As reported, this ownership structure will make MCRAY a subsidiary of Magellanic Cloud, establishing a clear hierarchical relationship between the parent company and the newly incorporated SPV. The acquisition is expected to be completed following the subscription to the share capital.
The incorporation of the SPV and the proposed investment are strategically aligned with Magellanic Cloud's expansion plans in the UAV and defence technology sector. According to the latest disclosure, these initiatives are expected to strengthen the company's participation in indigenous technology development initiatives in India, positioning the partnership to contribute meaningfully to the country's defence technology ecosystem. The collaboration aims to enable the company to undertake UAV and defence technology projects, local manufacturing, deployment, and commercialization activities.
The disclosure confirms that none of the promoter, promoter group, or group companies have any interest in MCRAY Private Limited, except to the extent of their shareholding interest in Magellanic Cloud Limited. The transaction does not fall within the purview of related party transactions. Applicable statutory and regulatory approvals, including those from the Ministry of Corporate Affairs, will be sought for the acquisition. The collaboration represents a significant step in Magellanic Cloud's strategic expansion into India's growing UAV and defence technology market.
