Cyient, a global engineering and technology solutions company, had signed a Memorandum of Understanding (MoU) with UK-based defense technology firm, QinetiQ's Target Systems (QTS), to offer avionics products for its unmanned target systems. Cyient will provide advanced manufacturing and electronics engineering solutions for QTS' range of unmanned air, land, and sea target systems from its facilities in India.
'The signing of this MOU with Cyient marks a significant milestone in QTS' strategy in India. The high levels of expertise and quality within the Cyient business together with the enthusiasm and desire to succeed have impressed us from day one. Initial efforts are focused on the manufacture and assembly of avionics and electronics assemblies for our target systems as we grow indigenous activities beyond the manufacture and assembly of airframes, subsystems, and ground equipment already in place," said Graham Brooks, Program Manager, India, at QinetiQ Target Systems.
"We are very excited about our collaboration with QTS, a world leader in unmanned air, land, and sea targets for live-fire training, test, and evaluation exercises. This partnership will allow us to support the "Make in India" initiative of the Government of India by building critical subsystems for QTS products out of our manufacturing facilities. While we will initiate the collaboration with making avionics products, Cyient's comprehensive design, build, and maintain portfolio will be leveraged for other purposes as well. We can deliver world-class aerospace engineering solutions and leverage our award-winning productivity and innovation framework to support QTS' products in India. We see a seamless alignment between our business strategies, and this MoU is a significant milestone in our long-term partnership," said Anand Parameswaran, Senior Vice President, Aerospace and Defense at Cyient.
Shares of Cyient Limited was last trading in BSE at Rs.444.5 as compared to the previous close of Rs. 436.6. The total number of shares traded during the day was 2135 in over 128 trades.
The stock hit an intraday high of Rs. 445.4 and intraday low of 438. The net turnover during the day was Rs. 943958.