Shares of Paras Defence and Space Technologies Ltd surged more than 9% in early trading on 23 January after the company announced signing a Memorandum of Understanding (MoU) with the Maharashtra government for the proposed Optics Park Project in Navi Mumbai, Maharashtra.
It is anticipated that this prestigious Optics Park Project will begin construction in 2028.
The company intends to invest around Rs 12,000 crores over a ten-year period in the Optics Park, assuming the Maharashtra government provides the required land and incentives.
The government of Maharashtra would help the business get the necessary licenses, registrations, clearances, approvals, financing incentives, etc., from the appropriate state agencies.
In November 2024, the company was ordered by the Instruments Research and Development Establishment (IRDE), Ministry of Defence, Government of India, Dehradun, to upgrade the Optronic Periscope Sight with Accessories, including ESM Warner, for Indian Naval Submarine Application, at a cost of about Rs 61.43 crore.
At 11:42 am, the shares of Paras Defence were trading 7.41% higher at Rs 1,109 on NSE.
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