ideaForge Subsidiary Signs Joint Venture with US-based First Breach

Mumbai, September 24, 2025 – ideaForge Technology Limited (NSE: IDEAFORGE, BSE: 543932) said that its wholly-owned subsidiary company, ideaForge Technology Inc., has formed a joint venture partnership with First Breach Inc., a company from the state of Delaware, to set up a new business entity, First Forge Technology Inc., in the United States.

The planned joint venture involves a license, design, engineering, production, and distribution of certain UAVs intended to target the US market and related activities, as mutually acceptable to both sides. It is headquartered in Navi Mumbai and is a prominent producer of unmanned aerial vehicles (UAVs), with extensive presence in defense sectors as well as industrial and homeland security sectors. It is listed on the NSE and BSE.

Key Details of the JV

IdeaForge Technology Inc. and First Breach Inc. announced a Joint Venture of a 50:50 nature through the newly formed company First Forge Technology Inc., with a view to obtaining more exposure in the United States drone technology market.

According to the partnership, ideaForge Technology Ltd. will contribute the intellectual property, technology, and know-how of the subsidiary company ideaForge Technology Inc. First Breach Inc., however, will contribute the initial venture outflow in cash. The shareholding of the venture will remain equal with ideaForge still controlling a total of 1,000 shares equivalent to a 50% share. Both sides will also appoint two directors each onto the board.

The JV is expected to be completed during FY2025-26, and no conflicts have been reportedly encountered. It epitomizes a strategic step of leveraging capital and tech expertise to capitalize on the burgeoning US drone business.

Strategic Rationale

The JV aims to combine First Breach’s infrastructure and access to markets with IdeaForge’s technical capabilities, with the goal of increasing drone adoption in the United States. It has become a major milestone in ideaForge’s global growth strategy.

REF: https://nsearchives.nseindia.com/corporate/IDEAFORGE_24092025124053_JV___SE_Intimation_Letter___23092025.pdf

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations