Paras Defence And Space Technologies Limited has informed the Exchange about execution of Joint Venture Agreement with Heven Drones Ltd. ("HD"), Israel, to facilitate the formation of a Subsidiary Company in India.
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Paras Defence and Space Technologies has signed a Joint Venture Agreement with Heven Drones Ltd., an Israel-based drone company, to set up a new subsidiary in India. The subsidiary will likely focus on drone technology, aligning with Paras Defence's core area of defence and aerospace products. This move brings Israeli drone expertise into the Indian market through a local subsidiary structure. Specific financial details such as investment amount, equity split, and ownership percentages have not been disclosed in this filing.
This JV could strengthen Paras Defence's position in the fast-growing Indian drone and unmanned systems segment, potentially opening new revenue streams. Investors may view this positively given the strategic relevance of drones in India's defence sector, though clarity on financials and business scope would be needed to assess the full impact.