Cyient, a Hyderabad-based firm, today said it has entered into a joint venture with BlueBird Aero Systems to manufacture advanced Unmanned Aerial Vehicle Systems.
Cyient Chief Executive Officer and Managing Director, Krishna Bodanapu and BlueBird Aero Systems Founder-CEO, Ronen Nadir, signed the agreement at the ongoing DefExpo, organised by the Defence ministry at Thiruvadanthai, about 40 km from here.
As per the agreement, a joint venture company named --Cyient Solutions and Systems Pvt Ltd has been floated in which Cyient would hold 51 per cent stake while the remaining 49 per cent with Israel-based BlueBird Aero Systems.
"...the joint venture would offer field-proven UAV systems to Indian defence, paramilitary, security forces," Cyient, Engineering design, manufacturing, geospatial and networks provider, said.
"I am very excited about the joint venture with BlueBird Aero Systems that combines our design and manufacturing expertise to bring the best of UAV technology solutions," Bodanapu said.
"The joint venture also underlines the commitment of both partners to the government's Make in India initiative," he said.
The joint venture enables indigenisation, manufacturing, training and support of UAV systems in India, BlueBird Aero Systems Founder and CEO, Ronen Nadir said.
"Bluebird is pleased to transfer its latest, technology know-how to further enhance what we see as a long term partnership with Cyient for the benefit of Indian UAV market," he said.
Under the joint venture, Cyient and BlueBird would also provide aftermarket services, including spares, repairs, maintenance and support across the country.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)