Aequs Limited (formerly Aequs Private Limited) has announced the execution of a Joint Venture Agreement and a Shareholders Agreement on January 16, 2026. These agreements are established with Accel India VIII (Mauritius) Ltd., Vagus Defence Tech & Aerospace Fund I, and Ajna Aerospace & Defence Private Limited.

The purpose of the joint venture (JV Company) is to engage in the business of sourcing, acquiring, and licensing intellectual property rights for unmanned aerial vehicles (UAVs) from overseas licensors and owners. It will also focus on developing its own intellectual property and on the manufacturing, assembly, testing, marketing, and selling of UAVs and related products, both within India and internationally, in compliance with applicable laws.

Under the terms of the agreement, Aequs, Accel, and Vagus will each hold equal shareholding in the JV Company. They will also have rights such as Right of First Offer (ROFO) and Right of First Refusal (ROFR). Certain reserved matters of the JV Company will require the unanimous approval of Aequs, Accel, and Vagus. Each of these three entities will have the right to nominate one director to the JV Company's Board. The agreements are not considered related party transactions, and no potential conflict of interest has been identified. While no shares are contemplated under the current agreement, a separate Share Subscription Agreement will be executed at a later date for the issuance and allotment of shares to Aequs, Accel, and Vagus.