A Turkish unmanned aerial vehicle (UAV) producer, Zyrone Dynamics, has received a foreign investment from India worth $1 million.

Thirty percent of the firm's shares – giving it a total valuation of $3.5 million – were bought by India's DCM Shriram Industries, Murat Kanber, co-founder of the Turkish company, told Anadolu Agency (AA).

The two companies signed a partnership agreement at this week’s International Defense Industries Fair (IDEF) in Istanbul, Turkey, Kanber said.

At the fair, the firm is showcasing two new UAVs, with the highest-flying speed in their class, he said.

Defense 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 that brings foreign currency into Turkey.

With this move, the firm got a large investment and gained a big sales channel, he stressed.

Both sides’ expectation is the creation of products for civilian use, especially for cargo transportation, he noted.

Now Zyrone will sell its products to India and its neighbors in the Asian market, after which it also hopes to export drones to Europe and Australia, Kanber stressed.

More than investment

DCM Shriram representative Rudra Shriram said the negotiation period – 18 months – with Zyrone was very difficult due to the pandemic conditions.

He said the agreement was successful and fair for both sides, with one boasting high technology and the other with extensive experience in manufacturing and management.

The partnership is more than just an investment, it is about creating a global UAV company for various applications in civilian and military fields, he said.

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.