DCM Shriram Ind inks partnership with Turkish-UAVs maker

DCM Shriram Industries has entered into an agreement with Zyrone Dynamics Havacilik Danismanlik Ve Ar-Ge San. Tic. A.S., Turkey, which manufactures and markets unmanned aerial vehicles of different types.

The company was granted an industrial license for manufacture of 500 units of unmanned aerial vehicles (UAV) along with ground data terminal, ground control stations and launchers annually in July 2018.

As per the agreement, DCM Shriram Industries would subscribe to 30% of the capital of the foreign company comprising of 25,715 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.

Zyrone Dynamics will provide to the company technological support for two variants of UAVs at different times during the subscription period and the two companies will support each other in marketing the products in India and globally.

DCM Shriram Industries is primarily engaged in production and sale of sugar, alcohol, power, chemicals and industrial fibers.

The company's consolidated net profit rose 159.33% to Rs 13.20 crore on a 19.04% increase in net sales to Rs 452.52 crore in Q1 FY22 over Q1 FY21.

The DCM Shriram Industries scrip rose 0.23% to currently trade at Rs 411 on the BSE.

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