Piramal Enterprises picks up 27 per cent stake in Bluebird Aero Systems
Piramal Enterprises, of the Ajay Piramal-led group, joins the list of Indian companies that see a growing opportunity in the defence sector. It has picked up a 27.83 per cent stake in Bluebird Aero Systems, an Israel-based unmanned air systems manufacturer, for about ` 40 crore ($7.2 million). Bluebird is set to bid for contracts in India.
Piramal’s deal with Bluebird Aero Systems is considered unique as the company is an initiative of former engineers of the Israel Defence Forces. Bluebird has an agreement with Bangalore’s Dynamatic Technologies for manufacturing and marketing mini and micro tactical, unmanned aerial vehicles in India.