National oil and gas conglomerate PTT Group has formed two joint ventures to deepen its diversification into drone technology and plant-based protein businesses.
AI and Robotics Ventures Co (ARV), a subsidiary of PTT Exploration and Production Plc (PTTEP), has joined hands with two Malaysian technology firms -- Aerodyne Group and Digital Creation Co -- to set up AeroSky (Thailand) Co to provide infrastructure inspection services in telecommunications, electricity and oil and gas industries.
ARV and Digital Creation each hold a 33% stake in the new company, while Aerodyne Group holds a 34% share.
The investment allows ARV to combine its expertise in drone, artificial intelligence (AI) and robotics solutions with the technological strengths of the two Malaysian firms, said ARV general manager Thana Slanvetpan.
AeroSky aims to provide technological solutions to ensure faster and safer inspections of infrastructure at a lower cost, he said.
Drone technology helps workers avoid accidents during inspections carried out on scaffolds.
Infrastructure inspection is crucial to both the state and private sectors as some infrastructure requires improvement to meet high quality standards, said ARV, citing a recent study by the IMD World Competitiveness Centre.
ARV said there is an "urgent need" for some infrastructure owners to make sure their ageing assets can operate smoothly.
"Aerodyne and Digital Creation are excited to be a part of this joint venture with ARV," said Kamarul A Muhamed, Aerodyne's founder and chief executive.
"The three partners have deep industry and technology expertise to take inspection and monitoring services to the next level."
In the biotech field, PTT formed a joint venture with Nove Foods Co, a unit of NR Instant Produce Plc, a producer of vegetarian and plant-based food, to manufacture plant-based proteins.
"This business matches the 'Food for Future' concept, which is trending and has the potential to generate high demand," said Buranin Rattanasombat, PTT's senior executive vice-president for downstream businesses.
"It is also in line with PTT's new rapid growth strategy in the life sciences field."
PTT plans to invest 50% of the equity in the joint venture to set up a new firm through its wholly-owned Innobic (Asia) Co.
The new firm, with registered capital of no more than 300 million baht, is set to operate in the fourth quarter of 2022.