CoreEL Technologies Secures USD 16 Million Funding

Bengaluru, Dec 5 (PTI) 360 ONE Asset Management Ltd has committed to invest around USD 16 million (around Rs 134 crore) in CoreEL Technologies (India) Pvt Ltd (CoreEL), a technology development, systems engineering and products manufacturing company focusing on aerospace & defence segment, for a minority stake.

The funds will be utilised to accelerate CoreEL's growth plans including R&D, new product development, and augmenting manufacturing capacity.

Headquartered in Bangaluru, CoreEL designs, manufactures and supplies advanced electronic products and complex systems to Indian aerospace & defence industry including the Ministry of Defence.

Its products have been deployed in India's radars, missiles, electronic warfare, avionics and SONARS, amongst others, according to a CoreEL statement.