Dynamatic Technologies (DTL), Israel Aerospace Industries (IAI), and Elcom Systems announced their strategic cooperation, to jointly address the needs of the Indian UAV market, under the "Make in India" initiative of the Indian Government. This announcement followed the signing of a cooperation agreement by the companies, regarding production, assembly and support of UAVs in India.
Udayant Malhoutra, CEO & Managing Director, Dynamatic Technologies, said, "This Strategic Agreement with IAI, for local manufacture of Medium Altitude Long Endurance (MALE) UAVs, will deepen Dynamatic's commitment to create a world class UAV enterprise in India. Dynamatic and IAI have already partnered, earlier this year, for manufacture of Mini UAVs, under the 'Make in India' initiative of the Government of India. Dynamatic has a proven track record for indigenisation of strategic manufacturing, in sectors like Aerospace and Defence, and this partnership is a convergence of Technology, Manufacturing Excellence and Local Skill-Building, which is going to be the key driver for 'Make in India' to succeed."
Shares of the company declined Rs 29.15, or 1.18%, to trade at Rs 2,450.00. The total volume of shares traded was 259 at the BSE (12.01 p.m., Thursday).