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Thursday, February 15, 2024

Indian firm invests $1 million in Turkish drone company

Zyrone Dynamics to enter Indian and Asian markets thank to big new investment

A Turkish unmanned aerial vehicle (UAV) producer Zyrone Dynamics has received a foreign investment from India worth $1 million.

Thirty percent of the firm’s shares – with a total valuation of $3.5 million – were bought by Indian DCM Shriram Industries, Murat Kanber, co-founder of the Turkish company, told Anadolu Agency.

At this week’s International Defense Industries Fair (IDEF) in the Turkish metropolis Istanbul, the two companies signed a partnership agreement, he stressed.

At the fair, the firm is showcasing two new UAVs, with the highest flying speed in its class, he said.

Read more: Armed with drones, Turkey on rise as regional power

Defense industry analysts in Turkey and abroad have hailed the performance and growing market share of Turkish-made drones.

Kanber underlined that Zyrone Dynamics was established with the goal of being an international firm that brings foreign currency into Turkey.

With this move, the firm got large investment and gained a big sales channel, he stressed.

Both sides’ expectation is creating products for civilian use, especially for cargo transportation, he noted.

Now Zyrone will sell its products to India and its neighbors in the Asian market, after which it also hopes to export drones to Europe and Australia, Kanber stressed.


More than investment

DCM Shriram representative Rudra Shriram said the negotiation period – 18 months – with Zyrone was very difficult due to the pandemic conditions.

He said the agreement was successful and fair for both sides, with one boasting high technology and the other with extensive experience in manufacturing and management.

Read more: Turkey successfully tests Bozdoğan, its own air-to-air missile

The partnership is more than just an investment, it is about creating a global UAV company for various applications in civilian and military fields, he said.

Anadolu with additional input by GVS News Desk