Paras Defence signs LoI to receive technology of Optical Imaging System developed by ISRO

28 Jun 2022 , 02:16 PM

Paras Defence and Space Technologies Limited informed that New Space India Limited (NSIL), a Central Public Sector Enterprise under the administrative control of the Department of Space (DOS), Government of India, has executed a Letter of Intent (LOI) dated June 27, 2022, with Paras Defence and Space Technologies Limited for the transfer of “Optical Imaging System” technology developed by Indian Space Research Organization (ISRO).

This technology will be transferred via a Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging Systems in India and elsewhere.

NSIL has provided Paras with a draft of the agreement. When the commercials for the ToT are completed, the Company will notify its stakeholders of the agreement’s execution.

Post this development, Paras Defence was trading 0.77% lower at Rs583 against its previous close of Rs587.55 on NSE. So far in the day, it touched intraday high and low of Rs591.70 and Rs578.80 respectively.