Paras Defence to Invest Rs 12,000 Crore in India's First Optics Park
Paras Defence announced plans to invest Rs 12,000 crore to establish India’s first optics park in Maharashtra. An initial agreement was signed with the state government at the World Economic Forum in Davos. The project, set to begin in 2028, is expected to run until 2035, ensuring scalability and flexibility.
The investment is set to create a technology hub for defence, space, automotive, semiconductor and other applications, the company said in a statement.
It also reaffirms Paras Defence's commitment to the 'Make in India' initiative while advancing India's aspirations for technological independence in critical sectors, the company said, adding that the project is poised to generate over 2,000 direct employment opportunities.
Under the initial agreement, the Maharashtra government has committed to assisting the company in securing land, providing various incentives, and facilitating necessary approvals to make the ambitious project a reality.
"This revolutionary project will not only boost the domestic manufacturing ecosystem but also solidify India's position as a global innovation hub," Paras Defence & Space Technologies Ltd Managing Director Munjal Sharad Shah said.
"We are proud to collaborate with Paras Defence to drive innovation and foster technological leadership in Maharashtra for optical technologies for defense, space, automotive, semiconductor, and other applications", the statement quoted a Maharashtra government spokesperson as saying.
