Paras Defence Unveils Advanced Optical Systems Testing Facility

On November 22, 2024, Paras Defence & Space Technologies Ltd, one of India’s leading defence engineering companies, inaugurated a cutting-edge optical systems testing facility in Navi Mumbai. Dr S. Somanath, Chairman of ISRO and Secretary of the Department of Space, officially opened the facility alongside the company’s Managing Director, Shri Munjal Shah.

This facility is designed to be India’s most advanced centre for research and development in hyperspectral and optical systems used in space and defence. These systems have a wide range of applications, including earth observation, navigation, homeland security, telecommunications, and even automobiles.

The global space technology market is projected to exceed $1 trillion by the next decade, growing at a rate of 7.5% annually. India, with its new space policy, aims to secure 10% of this market by 2030.

Talking about Paras Defence’s vision for the industry, Munjal Shah, Managing Director, said, “Advancing indigenous capabilities in the development of Optical systems is paramount to India’s quest for space leadership. We are an inalienable part of that journey. This facility is a further demonstration of our intent and capability to enhance India’s self-reliance in the field of Space technology and Defence engineering. It is our vision to build India’s first advanced Optical Systems Park, and the opening of this new facility is a major step in that direction. We are thankful to ISRO for being our anchor customer and mentor over the years.” 

Dr S. Somanath, Distinguished Scientist (Apex Grade) and Secretary, Department of Space (DoS), Chairman, Space Commission and Chairman, ISRO, said, “I am delighted to inaugurate Paras Defence’s new facility, which underscores their significant contributions to India’s space program. With its advanced manufacturing and testing capabilities, Paras continues to deliver critical optical systems that are essential to ISRO’s missions. Our partnership reflects shared innovation and a commitment to self-reliance in high-tech manufacturing. This facility strengthens our space exploration efforts and broadens the applications of optical systems in other industries. Such initiatives position Paras as a global leader in optical-electronic systems, driving India’s progress in science and technology.”

About Paras Defence and Space Technologies 

Paras Defence and Space Technologies is a private company specialising in designing, developing, manufacturing, and testing products and solutions for the defence and space sectors. The company focuses on four key areas: Defence and space Optics, Defence Electronics, Heavy Engineering, and Electromagnetic Pulse (EMP) Protection Solutions. Paras Defence is a prominent player in India’s private sector, actively contributing to the defence and space industries. The company provides innovative solutions in Defence & Space Optics, Defence Electronics, Heavy Engineering, and EMP Protection Solutions.

Paras Defence and Space Technologies share price is currently trading at ₹1,022.95, reflecting a gain of ₹46.05, or 4.71%, as of 11:11 AM on November 25, 2024. The stock opened at ₹1,023.00 and has fluctuated between a low of ₹1,005.00 and a high of ₹1,025.70 during the trading session.

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