Paras Defence and Space Technologies Ltd. Enters Joint Venture with Heven Drones Ltd. for Logistics and Cargo Drones Production

Paras Defence and Space Technologies Ltd. has executed a Joint Venture Agreement with Heven Drones Ltd., Israel, to form a Subsidiary Company in India for the development and production of logistics and cargo drones for defence and civil market. The proposed Subsidiary will have a shareholding of 51% for PARAS and 49% for HD. The agreement includes standard clauses on restriction on transfer of shares, event of default, and more. The proposed Subsidiary, 'Paras Heven Advanced Drones Private Limited' or 'Paras Heven Drones Private Limited', will be incorporated primarily for undertaking the business of development and production of logistics and cargo drones for defence and civil market.