ideaForge Technology Inc., a wholly owned subsidiary of ideaForge Technology Limited, has entered into a joint venture agreement with First Breach Inc. The agreement, signed on 23 September 2025, aims to establish a new entity, First Forge Technology Inc., which will undertake the licensing, sourcing, designing, engineering, manufacture and distribution of specific ideaForge unmanned aerial vehicles (UAVs) in the United States. The venture will also cover other business activities that may be mutually agreed between the two companies.
ideaForge Technology Inc. and First Breach will each hold a 50 percent stake in the joint venture. Both parties will have the right to appoint two directors each to the board and will have the first right to subscribe to any shares issued by the new entity. Any major decisions such as changes in capital structure, board composition or entry into new business lines will require the consent of both partners.
As part of the arrangement, ideaForge Technology Inc. will acquire its 50 percent stake in the joint venture in exchange for licensing specified intellectual property, technology and know-how. First Breach will acquire its 50 percent stake through a cash contribution. The subsidiary of ideaForge will hold 1,000 shares in the new entity.
The transaction is not categorised as a related party transaction. The promoters of ideaForge Technology Limited hold 33.37 percent in the company. The joint venture is expected to be completed by the end of the financial year 2025–26, subject to due diligence and regulatory approvals.
ideaForge Technology Limited, headquartered in Navi Mumbai, manufactures and supplies unmanned aerial systems. The company operates through its subsidiary ideaForge Technology Inc. in the United States.