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DCM Shriram Industries signs agreement with Turkish-based UAV manufacturer; Stock at day's low

ZD will provide to the Company technological support for two variants of UAVs at different times during the subscription period and both parties will support each other in marketing the products in India and globally.

August 18, 2021 2:03 IST | India Infoline News Service
DCM Shriram Industries has agreed with Zyrone Dynamics Havacilik Danismanlik Ve Ar-Ge San. Tic. A.S., a company incorporated and existing under the laws of the Republic of Turkey.

As per the agreement, the Company would subscribe to 30% of the capital of the foreign company comprising of 25715 shares at a total investment of just over USD 1.05 million in five tranches over about a year, subject to necessary approval about foreign investment under FEMA Regulations.

ZD will provide to the Company technological support for two variants of UAVs at different times during the subscription period and both parties will support each other in marketing the products in India and globally.

In its regulatory filing, DCM Shriram said that ZD will receive the support of the Indian investor company with over a century of experience in manufacturing and marketing of various products and also funds to the extent of USD 1.05 million in the form of capital infusion. The investor company will receive technical support and sample products for the manufacture of the UAV variants in India.

ZD is engaged inter alia in the manufacturing and marketing of UAVs of different types.

In July 2018, the company was granted an industrial licence for the manufacture of 500 units of Unmanned Aerial Vehicles (UAV) along with Ground Data Terminal, Ground Control Stations and
Launchers.

At around 2 pm, DCM Shriram Industries was trading at the day's low of Rs408 per piece down by 0.5%. 

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