The proposed joint venture will be incorporated under the name First Forge Technology Inc., with IF and FB each holding a 50% stake. Both companies will have the right to nominate two directors each to the JV’s board. Under the agreement, IF will acquire its 50% stake through license of certain specified intellectual property, technology and know-how. FB will contribute cash for its 50% stake.
The new entity will focus on licensing, designing, manufacturing, assembling, marketing, and selling specific ideaForge Technology Inc. unarmed aerial vehicles (UAVs), leveraging IF’s tech and FB’s infrastructure and market access.
Ideaforge Technology (ideaForge) is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India.
The company reported consolidated net loss of Rs 23.56 crore in Q1 FY26 compared with net profit of Rs 1.17 crore in Q1 FY25. Revenue from operations declined 85.2% YoY to Rs 12.78 crore during the quarter.
The counter shed 0.46% to Rs 530.60 on the BSE.