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The JV will undertake the business of manufacturing/production, implementation/installation, integrated logistics support (ILS), after sale support, training etc., in the electro optic (EO)/infra-red (IR) field in accordance with the Government of India's Make in India initiative.
Paras Defence will hold 30% stake in the venture and the remaining 70% will be held by CONTROP.
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 March 2023, the Government of India held 58.94% in the company.
The company's consolidated net profit rose 4.5% to Rs 10.76 crore on 6.3% increase in sales to Rs 65.10 crore in Q4 FY23 over Q4 FY22.
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