Mumbai, India, 23rd January 2025: Paras Defence & Space Technologies Limited (Paras Defence), a leader in optics and optronic systems for defence and space, is set to invest Rs. 12000 crores to establish India’s first Optics Park in Maharashtra. In this regard, the defence company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra (GoM). The announcement, made at the prestigious World Economic Forum in Davos, Switzerland, marks a historic milestone in India’s journey toward self-reliance in advanced optical technologies.

The monumental investment is set to create a state-of-the-art technology hub that will reshape India’s optics and optical systems sector and establish itself as a World Leader in Optical Technologies. 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 project is poised to generate over 2,000 direct employment opportunities and catalyze technological advancements across key industries such as defence, space, automotive, industrial, and commercial applications.

Under the planned MoU, the Government of Maharashtra has pledged its comprehensive support to Paras Defence in securing land, various incentives and approvals to bring this ambitious project to fruition.

Speaking about the announcement, Munjal Sharad Shah, Managing Director, Paras Defence & Space Technologies Ltd, stated, “The Optics Park reflects our unwavering commitment to advancing India’s technological capabilities. This revolutionary project will not only boost the domestic manufacturing ecosystem but also solidify India’s position as a global innovation hub. Our Optics Park will bridge technological gaps and create opportunities for knowledge exchange, innovation, and growth across sectors. This initiative represents a monumental milestone for both Paras Defence and India’s technological aspirations.”

Commenting on the partnership, [Spokesperson from Government of Maharashtra] 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. This project exemplifies our commitment to establishing the state as a hub for advanced industries and investments.”

The Optics Park, a greenfield project, is a cornerstone of Paras Defence’s vision to transform India into a self-reliant hub for optics and optical systems, eliminating dependence on foreign technologies. Paras Defence plans to leverage its robust network of mentor institutions, international partnerships, and it’s access to Capital Markets, FDI and domestic investors etc. to deliver on this ambitious project.