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.
@firatsunel
Indian DCM Shriram Industries buys 30% shares of Turkish drone firm Zyrone Dynamics. At this week's International Defence Industries Fair (IDEF) in Istanbul, the two companies signed a partnership agreementhttps://t.co/ST314j22UN— Iftikhar Gilani (@iftikhargilani) August 20, 2021
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.
Indian firm buys 30% stake in #Turkish #drone maker
Zyrone Dynamics, that will enter Indian and Asian markets thanks to this big new investment.#India #FDI #Turkey #economyhttps://t.co/0Q9QnjYRrQ— NXTGroup (@groupNXT) August 19, 2021
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