Paras Defence and Space Technologies Ltd announced on Wednesday (January 22) that it has entered into a Memorandum of Understanding (MoU) with the Maharashtra government to establish an Optics Park in Navi Mumbai. The project, scheduled to begin operations in 2028, will focus on advancing optical technologies in India.
The planned Optics Park will involve a ₹12,000-crore investment over the next 10 years, depending on land allocation and necessary subsidies from the state. It is expected to create 2,000 direct jobs and serve as India’s first dedicated technology hub for optics. The Maharashtra government has committed to clearing any potential obstacles and ensuring the project moves forward smoothly.
The company noted that the state government will assist in obtaining the required permissions, registrations, approvals, and fiscal incentives as per existing policies and regulations. Paras Defence is a leading provider of advanced defense and space technology solutions, specializing in designing, developing, and manufacturing high-precision equipment.
With a legacy of innovation and excellence, the company serves critical sectors such as defense, aerospace, and homeland security. Its product portfolio includes cutting-edge electro-optics, rugged electronics, and sophisticated software solutions tailored to meet the stringent requirements of defense and space missions. Paras Defence’s expertise in providing indigenously developed systems aligns with India’s vision of self-reliance in defense manufacturing.
The company’s commitment to quality and technological advancement is reflected in its state-of-the-art manufacturing facilities and collaborations with global partners. Paras Defence plays a pivotal role in modernizing defense capabilities by offering customized solutions that enhance operational readiness and efficiency. With a strong focus on R&D and a deep understanding of industry needs, the company continues to expand its footprint, contributing to national security and technological progress on a global scale.
