Paras Defence and Space Technologies Limited has announced the receipt of a substantial order from the Defence Research and Development Organisation (DRDO), Ministry of Defence. The contract, valued at approximately Rs. 80.28 Crore (including taxes), is for the Development of a High Precision Optical System intended for Air Defence Applications. The work is classified as a domestic order and is expected to be executed within 18 months from the date of the supply order.
Significant New Order from Ministry of Defence
Paras Defence and Space Technologies Limited (PARAS) has officially received an order from the DRDO, Ministry of Defence. This development marks a significant milestone for the company, reinforcing its role as a key supplier in the domestic defence sector.
Order Details and Value
The contract’s core purpose is the Development of High Precision Optical System for Air Defence Applications. The total value of this order is substantial, pegged at approximately Rs. 80.28 Cr. (Incl. of Taxes). This transaction is categorized as a Domestic order, awarded by a government entity.
Execution Timeline
The agreement specifies a clear timeline for execution. The supply order is required to be executed within a period of 18 Months from the Date of Supply Order. Furthermore, the company confirmed that neither the promoter group nor any group companies hold any interest in the entity that awarded this contract, ensuring the transaction does not constitute a related party matter.
Source: BSE
