Omega Seiki to raise $200 million to boost its EV & drones business

Omega Seiki Mobility (OSM) is in talks with private equity firms and banks for funds to expand its electric vehicles (EVs) business and begin commercial manufacturing of drones. Anglian Omega Group company has initiated talks with private equity firms to raise $100 million over the next two years for its newly established drone manufacturing firm, Sooryauday Aerial Vehicles Pvt Ltd, the company's founder, Uday Narang, told ET. OSM is also in discussions to raise $100 million in a combination of debt and equity to fuel the expansion of its core EV business, he said.

"While there are companies into drones, we are the first to have both EVs and UAVs (unmanned aerial vehicles)," Narang told ET. "We are in talks with banks and with private equity firms for raising funds for both the EV business and for drones and expect to close it soon."

OSM's drones, developed in collaboration with a European firm, recently completed testing and are awaiting government clearance. They will be ready for commercial launch in another three months.