IdeaForge shares rise 3% as arm enters JV agreement with First Breach to manufacture drones in US

The stock was trading 0.97% higher at ₹538.05 per equity share, as of 1:39 pm.

“The JV entity is being incorporated as a joint venture between IF and FB with the purpose of licensing, designing, manufacturing, assembling, marketing, and selling specific IF UAVs, leveraging IF’s tech and FB’s infrastructure and market access. IF intends to enter into a JV Agreement with FB, for the purposes of leveraging the drones market in the USA,” the company said in a regulatory filing on Wednesday.

The agreement to form the 50:50 joint venture (JV), First Forge Technology, was signed on September 23.

While IdeaForge Inc. will acquire its 50% stake (or 1,000 shares) in the JV via consideration of the license of certain specified intellectual property, technology, and know-how, the Delaware-based firm will acquire the remaining 50% stake in consideration of cash.

Under the agreement, both companies will appoint two directors each to the JV’s board.

The setting up of the JV is subject to, among other things, the satisfactory completion of due diligence of the relevant matters and obtaining necessary permissions, clearances, and approvals as may be required from the relevant statutory or regulatory authorities, the filing added.

The stock gained 4.65% over the week and 7.27% over the month. It surged 53.69% over a period of six months. On a year-to-date basis, it has declined 10.20%.

While the share reached a year’s low of ₹304.20 on April 7, 2025, it touched a 52-week high of ₹720.20 apiece almost a year ago on September 23, 2024.

IdeaForge Technology Ltd has a total market capitalisation of ₹2,323.51 crore, as of September 24, 2025, according to data on the NSE.