Piramal Enterprises has purchased 27.83% stake in Bluebird Aero Systems, an Israel-based unmanned air systems manufacturer, for about Rs 40 crore. Bluebird is ready to bid for contracts in India. Bluebird has an agreement with Bangalore’s Dynamatic Technologies for manufacturing and marketing mini and micro tactical, unmanned aerial vehicles in India.
The company with Bluebird aims to provide training solutions for Defence procurement, as defence Ministry has specifically recognized simulation and training services as being eligible under the Indian offset criteria for Defence programmes.
On standalone basis, the company has reported a fall of 94.45% in its net profit at Rs 5.61 crore for the quarter, as compared to Rs 101.09 crore for the same quarter in the previous year. However, total income of the company has increased by 8.26% to Rs 448.07 crore for the quarter under review as compared to Rs 413.87 crore for the quarter ended June 30, 2011.
