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News Topical, Digital Desk : Paras Defence and Space Technologies Limited on Friday announced a joint venture agreement with Israel-based Haven Drones Limited. Under this agreement, a subsidiary will be formed in India, which will focus on the development and production of logistics and cargo drones for both defense and civilian applications. The proposed company, named Paras Haven Advanced Drones Private Limited - will be incorporated with an authorized capital of Rs 1 lakh. Paras Defense will have a majority stake of 51 per cent, while Haven Drones will have the remaining 49 per cent.
This joint venture is in line with the 'Make in India' initiative of the Government of India and is expected to strengthen India 's domestic drone manufacturing capabilities. Both companies will have equal board representation with two directors each and pre-emptive rights in any future share issuance. Paras Defense clarified that it has no existing stake in Haven Drones or its subsidiaries and this agreement is not a related party transaction.
Share performance On Friday, Paras Defense shares closed 1.01 per cent higher at Rs 1,633.20. The company's stock has seen a 109.67 per cent rise in the last one year. The 52-week high of the stock is Rs 1,945.
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