Magellanic Cloud and Rayonix Tech has jointly incorporated a Special Purpose Vehicle (SPV) in the name of MCRAY XTEND INDIA (MCRAY). The SPV has been incorporated in furtherance of the Strategic Investment and Collaboration Agreement executed between the Company and Rayonix Tech for carrying out activities relating to unmanned aerial vehicle (UAV) technology, defence technology solutions, manufacturing, deployment, and other allied business operations.

The Company will acquire 60% shareholding in Mcray Xtend India through subscription to its paid-up equity share capital and consequently, MCRAY will become a subsidiary of the Company. The incorporation of the SPV and the proposed investment are aligned with the Company's strategic expansion plans in the UAV and defence technology sector and are expected to strengthen its participation in indigenous technology development initiatives in India.