Paras Defence and Space Technologies Limited (PARAS) has signed a Memorandum of Understanding (MoU) with HevenDrones Ltd. (HD), Israel, on May 5, 2025. This strategic collaboration aims to explore new business opportunities and expand both companies’ presence in the Indian and global defence sectors.

As part of the MoU, PARAS and HD intend to establish a Joint Venture (JV) company in India. The JV will focus on the development and production of logistics and cargo drones for both defence and civilian applications, aligning with the Government of India’s ‘Make in India’ initiative.

Further disclosures, as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI circular dated November 11, 2024, will be provided at the time of executing the Joint Venture agreement for the proposed investment.