Paras Defence inks pact for Rs 12,000 cr optics park in Maharashtra by 2035

Paras Defence on Thursday said it is planning to invest Rs 12,000 crore to set up the country's first optics park in Maharashtra and signed an initial pact with the state government at the ongoing World Economic Forum in Davos.

The project is expected to commence in 2028 and will continue till 2035 to ensure scalability and flexibility.

The investment is set to create a technology hub for defence, space, automotive, semiconductor and other applications, the company said in a statement.

It also reaffirms Paras Defence's commitment to the 'Make in India' initiative while advancing India's aspirations for technological independence in critical sectors, the company said, adding that the project is poised to generate over 2,000 direct employment opportunities.

Under the planned initial pact, the Maharashtra government has pledged its support to the company in securing land, various incentives and approvals to bring the ambitious project to fruition, it stated.

"This revolutionary project will not only boost the domestic manufacturing ecosystem but also solidify India's position as a global innovation hub," Paras Defence & Space Technologies Ltd Managing Director Munjal Sharad Shah said.

"We are proud to collaborate with Paras Defence to drive innovation and foster technological leadership in Maharashtra for optical technologies for defence, space, automotive, semiconductor and other applications," the statement quoted a Maharashtra government spokesperson as saying.