Further by signing this MOU, Paras Anti-drone Technologies and Spacekawa Explorations intends to develop and advance technologies for space applications that can address the challenges of a rapidly changing world.

Paras Defence and Space Technologies offers high precision products and turnkey solutions to the defense and space sector, operating in three main verticals – defence and space optics, defence electronics solutions, and heavy engineering. As on 31 December 2022, the Government of India held 58.94% in the company.

The company's consolidated net profit rose 27.25% to Rs 9.76 crore on 31.09% increase in sales to Rs 60.88 crore in Q3 FY23 over Q3 FY22.