Paras Defence Shares Zoom Over 4% After Signing ₹12,000 Crore MoU With Maharashtra Government

On January 23, 2025, shares of Paras Defence saw a notable rise of over 4%, reaching a day high of ₹1,092.90 at 9:50 AM after opening at ₹1,060.00. This increase in share price followed the company’s announcement of a significant development. The gains in Paras Defence share price came after the company revealed that it had signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India. This MoU is in relation to the proposed Optics Park Project in Navi Mumbai, Maharashtra.

Details of the Optics Park Project

The Optics Park Project is set to begin in 2028. Upon allocation of land and the approval of necessary subsidies by the Government of Maharashtra, Paras Defence plans to invest approximately ₹12,000 crores in the project over the next 10 years. Once completed, the Optics Park is expected to generate around 2,000 direct employment opportunities. The project has the potential to become India’s first dedicated Technology Hub for Optics and Optical Technologies, signalling significant growth in this specialised sector.

Government Support and Facilitation

The Government of Maharashtra has committed to assisting Paras Defence by facilitating the necessary permissions, registrations, approvals, clearances, and fiscal incentives from relevant departments. This support will be provided in accordance with the existing policies, rules, and regulations of the State Government.

Paras Defence Earlier Business Updates

• On January 7, 2025, Paras Defence and Space Technologies Limited notified the market about receiving a License under the Arms Act, 1959, which allowed the company to manufacture MK-46 and MK-48 Belt-fed Light Machine Gun (LMG) – Modernised Enhanced and Redefined LMG with a proposed annual capacity of 6000 nos each.
• Paras Defence commenced its advanced, state-of-the-art optical systems testing facility in Navi Mumbai, which will be the most advanced center for research and development of hyperspectral and other optical systems for Space & Defence in India.

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