In a significant development, Paras Defence and Space Technologies Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government to set up an optical park in Navi Mumbai. The project, slated to commence operations by 2028, aims to boost India’s capabilities in optical technology.
The optical park, which will see an investment of Rs 12,000 crore over the next decade, is contingent upon land allocation and necessary subsidies from the state government. Once operational, the facility is expected to generate 2,000 direct jobs and establish itself as India’s first dedicated hub for optical technology. The Maharashtra government has assured its support to address potential challenges and ensure the project’s timely completion.
Under the agreement, the state government will facilitate the acquisition of required licenses, registrations, approvals, and financial incentives in line with existing policies. Paras Defence, a key player in advanced defense and space technology solutions, will spearhead the initiative. The company specializes in designing, developing, and manufacturing high-precision equipment for critical sectors such as defense, aerospace, and homeland security.
Paras Defence’s product range includes state-of-the-art optoelectronics, rugged electronics, and advanced software solutions tailored to meet the demanding needs of defense and space missions. The company’s focus on indigenous innovation aligns with India’s goal of achieving self-reliance in defense manufacturing.
This collaboration marks a significant step forward in strengthening India’s technological infrastructure and creating new opportunities in the optical technology sector.
