Paras Defence Signs ₹12,000 Crore MoU for Navi Mumbai Optics Park

23 Jan 2025 , 10:06 PM

On Wednesday, January 22, Paras Defence and Space Technologies Ltd announced it has signed a Memorandum of Understanding (MoU) with the Maharashtra government to establish an Optics Park Project in Navi Mumbai. The project is expected to be operational in 2028. It will work towards the advancement of optical technologies in India and will be the first dedicated hub for optics and related technologies in the country.

The investment planned for the Optics Park amounts to ₹12,000 crores over a period of 10 years based on the government of Maharashtra allowing land and grants. The development is likely to generate 2,000 jobs directly and give India the advantage of becoming an optical technology leader in innovation and manufacturing.

Maharashtra State Government assured support Paras Defence. As part of their commitment, necessary approvals, fiscal incentives, and clearances through respective departments will be facilitated by it under the already existing policies. This project is set to enhance India’s capabilities in defense optics, space technologies, and optical innovations, thus promoting self-reliance in these critical sectors.