Paras Defence Secures Rs. 80 Cr. Order from DRDO for Optical Systems
Filing Summary
Paras Defence and Space Technologies Ltd has received an order from the Defence Research and Development Organisation (DRDO), Ministry of Defence, valued at approximately Rs. 80 Crore, inclusive of taxes. The order involves the development of a high precision optical system for air defence applications. The contract is domestic and is to be executed within 18 months from the date of the supply order. There is no interest from promoters or related party transactions involved in this order.
Paras Defence and Space Technologies Ltd has announced the receipt of an order from the Defence Research and Development Organisation (DRDO), Ministry of Defence. The order is valued at approximately Rs. 80 Crore, inclusive of taxes, and pertains to the development of a high precision optical system for air defence applications. This information was disclosed in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The order is classified as domestic, with the DRDO being the awarding entity. The contract specifies the development of a high precision optical system, which is a critical component for air defence applications. The execution timeline for this order is set at 18 months from the date of the supply order.
There are no interests from the promoter or promoter group in the entity awarding the order. Additionally, this transaction does not fall within related party transactions, ensuring that it is conducted at arm’s length.
The DRDO is a premier agency under the Ministry of Defence, responsible for the research and development of defence technologies. It focuses on enhancing the country’s defence capabilities through the development of cutting-edge technologies and systems.
Paras Defence and Space Technologies Ltd specializes in the design, development, and manufacturing of defence and space engineering products and solutions. The company is focused on expanding its capabilities in the defence sector, particularly in the development of advanced technologies for strategic applications.