Paras Defence inks MoU with Israel's HevenDrones to form JV for defence logistics drones

Paras Defence and Space Technologies said that it has signed a memorandum of understanding (MoU) with Israel-based HevenDrones to establish a joint venture for manufacturing logistics and cargo drones in India.

The joint venture (JV) will establish a new entity in India to design, manufacture, and supply next-generation drone systems tailored for Indias defence and homeland security landscape, with long-term plans to address global markets.

The JV combines Paras Defences engineering and manufacturing ecosystem with HevenDrones proprietary platforms. It will serve as the exclusive vehicle for bringing this revolutionary hydrogen-powered drone technology to India for the first time.

This partnership positions the JV among the first in the country to offer ready-to-fly, proven hydrogen-powered drones with enhanced flight endurance and modular payload capabilitiesdesigned, manufactured, and deployed from Indian soil. The JV will prioritize deployment in domains such as logistics support for remote and border regions, tactical surveillance, defence supply chains, and high-altitude missions.

Munjal Sharad Shah, managing director, Paras Defence and Space Technologies, said, India is a priority market for drone deployment at scale, and HevenDrones combat-tested portfolio provides a strategic edge. This JV enables us to deliver world-class Made in India drone systems for local and global markets.

Bentzion Levinson, CEO, HevenDrones, stated, This collaboration marks a significant milestone in our roadmap as we work to ensure an allied global business footprint. Paras Defence brings unmatched engineering capabilities, manufacturing infrastructure, and deep knowledge of Indias defence ecosystem. Together, we are contributing to the Atmanirbhar Bharat mission and setting a new benchmark in performance-driven UAV solutions for global markets.

The companys consolidated net profit zoomed 97.79% to Rs 19.72 crore on 35.81% rise in revenue from operations to Rs 108.23 crore in Q4 FY25 over Q4 FY24.

Additionally, the company's board has also approved splitting one equity share, which currently carries a face value of Rs 10 each, into two equity shares of Rs 5 each. The record date for the stock split will be informed in due course.

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