Paras Defence inks pact for ₹12,000 Crore project

23 Jan 2025 , 07:12 AM

On Wednesday, Paras Defence announced that the company entered into an agreement with the Maharashtra government. The company stated that it has signed a Memorandum of Understanding (MoU) to develop an Optics Park Project in Navi Mumbai. The project is expected to commence operations in 2028 and is mainly focused on advancing optical technologies in India.

The projected Optics Park is expected to cost over ₹12,000 Crore over 10 years, depending on land allotment and state government subsidies. The initiative is projected to create 2,000 direct jobs and develop India’s first specialized technology cluster for optics and optical technologies.

The stated government will be clearing all the hurdles that might come in the way of the success of this project, it assured the company.

The Maharashtra government will help the company to obtain necessary permissions, registrations, approvals, clearances, fiscal incentives, etc. from the concerned departments of the State as per the existing policies, rules, and regulations, said the company in its filing with the bourses.

Paras Defence and Space Technologies (PDST) is a private sector company that designs, develops, manufactures, and tests various defense and space engineering products and solutions. 

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