Paras Defence and Space Technologies Limited (Paras Defence) and CONTROP Precision Technologies Ltd. (CONTROP) of Israel have signed a Memorandum of Understanding (MoU) to form a joint venture (JV) for the manufacturing and implementation of Integrated Logistics Support (ILS), after-sale help, and education applications for electro-optic or infra-pink (EO/IR) systems.
The JV will be founded in India and will be collectively owned by Paras Defence and CONTROP. The JV will leverage the strengths of both agencies to provide a comprehensive variety of offerings for EO/IR systems. Paras Defence has a robust track report inside the design, improvement, and manufacturing of EO/IR structures, while CONTROP has a wealth of revel in in ILS, after-sale help, and education.
The JV will be a extensive leap forward for both agencies. It will permit Paras Defence to enlarge its reach into new markets and provide a much wider range of offerings to its clients. It may also allow CONTROP to strengthen its presence inside the Indian marketplace and benefit get right of entry to to Paras Defence’s knowledge in the layout, improvement, and production of EO/IR systems.
The JV is anticipated to be operational within the subsequent 12 months. It is predicted to generate full-size sales for each businesses and create new jobs in India.
The MoU turned into signed with the aid of Mr. Ajay Kumar, Managing Director of Paras Defence, and Mr. Yair Zamir, CEO of CONTROP. The signing rite was attended by means of senior officers from each businesses.
Speaking at the signing ceremony, Mr. Ajay Kumar said, “The MoU with CONTROP is a huge milestone for Paras Defence. It will allow us to offer a complete range of services for EO/IR structures to our clients in India and overseas. We are assured that the JV will be a success and will assist us to obtain our long-time period increase plans.”
Mr. Yair Zamir said, “We are excited to partner with Paras Defence. We accept as true with that the JV will be a treasured asset to each organizations. We stay up for working together to offer our clients with the best viable EO/IR structures and offerings.”