Istanbul / New Delhi: The Indian embassy in Turkey tweeted August 18 about a “new beginning”. It was referring to an Indian company’s investment in a Turkish drone maker. On the side lines of the International Defense Industries Fair (IDEF) in Istanbul, Indian company DCM Shriram Industries signed a partnership deal with Turkey’s Zyrone Dynamics.
At the fair, Zyrone Dynamics is showcasing two new UAVs, with the highest-flying speed in their class. Defence industry analysts in Turkey and abroad have hailed the performance and growing market share of Turkish-made drones.
Zyrone Dynamics, has received a foreign investment from India’s DCM Shriram Industries worth $ 1 million. DCM Shriram Industries bought 30% percent of the firm’s shares – giving it a total valuation of $ 3.5 million –Murat Kanber, co-founder of the Turkish company, told Anadolu Agency (AA).
As per the Agreement the Company would subscribe to 30% of the capital of the company comprising of 25715 shares at a total investment of just over $ 1.05 million in five tranches over a period of about a year, subject to necessary approval with regard to foreign investment under FEMA Regulations.
Murat Kanber, co-founder of Zyrone Dynamics, was quoted by Turkey’s Anadolu Agency as saying, “Both sides’ expectation is the creation of products for civilian use, especially for cargo transportation… 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 underlined that Zyrone Dynamics was established with the goal of being an international firm that brings foreign currency into Turkey.
Rudra Shriram, representing and speaking on behalf of DCM Shriram, said “The partnership is more than just an investment; it is about creating a global UAV company for various applications in civilian and military fields.” The negotiation period – 18 months – with Zyrone was very difficult due to the pandemic conditions. The agreement was successful and fair for both sides, with one boasting high technology and the other with extensive experience in manufacturing and management, he said.
Zyrone Dynamics specialises in the manufacture of small rotary-wing drones. Zyrone Dynamics has been promoting small drones that it calls ‘variable volume’ UAVs. A variable volume drone is similar to a ’tilt-rotor’ aircraft like the US V-22 Osprey that can take off and land like a normal helicopter but can tilt its rotors forward inflight and fly like a normal aircraft, ensuring a helicopter’s operational versatility and a fixed-wing aircraft’s speed.
With this move, the firm got a large investment and gained a big sales channel, stressed Murat Kanber. Under the partnership, Zyrone will be providing the Indian company with technological support and both parties will support each other in marketing the products in India and around the globe.