Mumbai: Paras Defence and Space Technologies Ltd, on May 5 announced that it has signed a memorandum of understanding (MoU) with Israel-based HevenDrones Ltd to explore opportunities in the defence and civil drone markets.
In a regulatory filing, Paras Defence said, ” We are pleased to inform you that Paras Defence and Space Technologies Limited has entered into an MoU (Memorandum of Understanding) on May 05, 2025 with Hevendrones Ltd., Israel with an intent to create new opportunities and expand both parties’ business in the Indian and Global Defence sector.”
Both companies, as part of the agreement, intend to establish a Joint Venture (JV) in India aimed at developing and manufacturing logistics and cargo drones. The partnership will align with the Government of India’s Make in India initiative and seeks to serve both domestic and global markets.
Paras Defence in the fourth quarter reported a 97% jump in its net profit to ₹19.7 crore from the ₹10 crore bottom line it reported during the same quarter last year. Revenue for the company went up by 35.8% from the year-ago period to ₹108.2 crore.
