India, Sept. 24 -- Drone tech company ideaForge's wholly owned US subsidiary, ideaForge Technology Inc, is setting up a joint venture (JV) with US-based ammunition component manufacturer First Breach Inc to target the US market.

In an exchange filing, ideaForge said its subsidiary signed an agreement with First Breach for the JV, First Forge Technology Inc, yesterday. Both the companies will own 50% stake each in the JV.

First Forge Technology will be engaged in the business of licensing, designing, manufacturing and distributing specific unmanned aerial vehicles (UAVs) of ideaForge Technology in the US.

With the launch of this JV, ideaForge is looking to expand its operations in the US market. First Forge Technology will leverage idea...