India firm buys 30% stake in Turkey drone maker

Zyrone Dynamics at International Defence Industries Fair IDEF [zyronedynamics/Facebook]

A Turkish unmanned aerial vehicle (UAV) producer, Zyrone Dynamics, has received 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, Murat Kanber, co-founder of the Turkish company, told Anadolu Agency.

At this week's International Defence Industries Fair (IDEF) in 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.

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 which brings foreign currency into Turkey.

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.

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