Paras Defence bags Rs 53 crore order from DRDO

New Delhi: The leading domestic defence engineering company Paras Defence and Space Technologies has signed a contract worth Rs 53 crore with Defence Research and Development Organisation. The domestic order is for the supply of Optronic Periscopes.

The firm got the order from the Instrument Research & Development Establishment (IRDE), under DRDO, for realization of Optronic Periscopes including installation support.

The small-cap company, as per the contract, is required to make partial delivery in the ongoing financial year 2023-24, along with a balance delivery by the upcoming financial year 2025 or earlier.

The order was secured on June 15 from the Instrument Research and Development Establishment (IRDE), a laboratory of the Defence Research and Development Organisation (DRDO).

Paras offers a wide range of Products & Solutions for Defence & Space Applications. With focus on Defence & Space Sector it has five verticals of business, namely Defence & Space Optics, Defence Electronics, Heavy Engineering, Electromagnetic Pulse Protection Solutions and Niche Technologies.

With over 40+ years of sustained business growth in the area of Defence & Space Engineering, it is involved in Technologies for Rocket & Missiles, Space & Space Research, Naval Systems, Land & Armoured Vehicles, Electronic Warfare & Surveillance, Electro-Magnetic Shielding.

Director for Business Development, Paras Defence and Space Technologies, Amit Mahajan said, his company offers high-precision products and turnkey solutions to the defence and space sector. The company's current order book stands at over Rs 550 crore and will start building further in the next quarter (June). Last month, the company announced that it entered into a pact with the research and development (R&D) laboratory of the Ministry of Electronics and Information Technology (MeiTY).

In April this year, Paras Aerospace, a subsidiary of Paras Defence and Space Technologies Ltd, obtained Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Government of India, for its Agri Drone – "Paras-Agricopter". The certification will enable the execution of existing contracts received by Paras Aerospace for "Paras-Agricopter" and open up new opportunities for the company in the agricultural drone segment.

(Defence Watch– India's Defence News centre that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)