Paras Defence and Space Technologies rallies 3% on securing order from IRDE, DRDO

8 Apr 2022 , 09:24 AM

Paras Defence and Space Technologies has informed that during an extremely prestigious ToT (Transfer of Technology) event held on April 7, 2022 the company has been awarded the Technology of Optronic Submarine Periscope as developed by IRDE, DRDO, by Hon. Defence Minister Rajnath Singh.

This ToT for Submarine Periscope can be considered as one of the most critical Naval Technology and hence can be a very big step in the direction of Atmanirbhar Bharat for Defence Technologies. DRDO has always inspired the Indian Defence Industry, and such events and ToT hand-over further indicates a strong commitment by DRDO to work with the Indian Industry as Development Partners.

This technology has been transferred to the Company by way of a Licensing Agreement for Transfer of Technology of Optronic Submarine Periscope by IRDE, DRDO. The DRDO Laboratory has also nominated Paras Defence and Space Technologies Limited as the Production Agency for the Optronic Submarine Periscope.

Further, the Optronic Submarine Periscope is the Eye of the Submarine and is used for Surveillance Applications, said company.

The company has been working closely with DRDO and have a good understanding of this system. Paras Defence and Space Technologies Limited will be the first Indian Company to manufacture the Optronic Submarine Periscope on turnkey basis, which has good domestic business opportunities along with export business potential, it added.

At around 9:21 AM, Paras Defence and Space Technologies was trading at Rs749 apiece up by 2.92% on Sensex.