Indian firm buys 30% stake in Turkish drone maker

Defence industry analysts hail performance and growing market share of Turkish-made drones

ISTANBUL:

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

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

At this week’s International Defence 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.

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Defence 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 a 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 neighbours 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.

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.