DCM Shriram Industries has entered into an agreement with Zyrone Dynamics Havacilik Danismanlik Ve Ar-Ge San. Tic. A.S., Turkey. The said Company is engaged inter alia in the manufacturing and marketing of UAVs of different types.
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 a period of about a year, subject to necessary approval with regard to 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 the parties will support each other in marketing the products in India and globally.
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