Cyient, Qinetiq sign MoU to offer avionics products
Cyient, a global engineering and technology solutions company, on Wednesday announced that it has signed a Memorandum of Understanding (MoU) with Qinetiq Target Systems (QTS), a UK-based defense technology firm.
Cyient and Qinetiq have signed this MoU to offer avionics products for its unmanned target systems in India. As per MoU, 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.
Graham Brooks, Program Manager, India, QTS said, “The signing of this MoU with Cyient marks a significant milestone in QTS strategy in India. The high level of expertise and quality within the Cyient business together with the enthusiasm and desired to succeed has impressed us from day one. Initial efforts are focused on the manufacture and assembly of avionics and electronic assemblies for our target systems as we grow indigenous activities beyond the manufacture and assembly of airframes, subsystems and ground equipment already in place.”
On Wednesday, the stock of Cyient opened at Rs. 445.10 per share and made an intraday high and low of Rs. 458.00 and Rs. 441.25 respectively on the BSE. The stock closed at Rs. 450.35, up by 1.61 per cent over its previous close of Rs. 443.20.