Defence stock, Paras Defence surges 9% on MoU with Government of Maharashtra

The Company proposes to invest around Rs 12,000 crore in the Optics Park for 10 years upon allocation of land and requisite subsidies by the Government of Maharashtra.

Defence stock, Paras Defence surges 9% on MoU with Government of Maharashtra
Defence stock, Paras Defence surges 9 on MoU with Government of Maharashtra

Shares of Paras Defence and Space Technologies rose over by 8.8% to trade at Rs 1,122 per share on the NSE after the company signed an MoU with the Government of Maharashtra for the Optics Park project.

The company has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, India, for the proposed Optics Park Project in Navi Mumbai. This prestigious Optics Park Project is set to commence in 2028.

The Company proposes to invest around Rs 12,000 crore in the Optics Park for 10 years upon allocation of land and requisite subsidies by the Government of Maharashtra. The Optics Park is expected to generate around 2000 direct employment opportunities and has the potential to become India’s first Technology Hub for Optics and Optical Technologies.

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The Government of Maharashtra will facilitate the Company's obtaining necessary permissions/registrations/approvals/clearances/ fiscal incentives, etc., from the concerned departments of the State, as per the existing policies/rules and regulations of the Government of Maharashtra for the proposed Optics Park in Navi Mumbai, Maharashtra.

Paras Defence and Space Technologies is primarily engaged in the designing, developing, manufacturing, and testing of various defence and space engineering products and solutions.

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