Joint Venture23 May 2025, 03:11 pm
Paras Defence and Space Technologies Ltd. Executes Joint Venture Agreement with Heven Drones Ltd., Israel for Formation of Subsidiary Company in India
AI Summary
Paras Defence and Space Technologies Ltd. has executed a Joint Venture Agreement with Heven Drones Ltd., Israel to form a Subsidiary Company in India. The purpose of this joint venture is to develop and produce logistics and cargo drones for defence and civil market, aligning with the Government of India's Make in India initiative. The shareholding will be 51% for Paras and 49% for HD. Each party has the right to nominate 2 Directors on the Board of the proposed Company. The proposed Company’s equity shares will be issued to PARAS and HD at face value, as per applicable law.
Key Highlights
- Paras Defence and Space Technologies Ltd. has executed a Joint Venture Agreement with Heven Drones Ltd., Israel.
- The purpose of this joint venture is to develop and produce logistics and cargo drones for defence and civil market.
- The shareholding will be 51% for Paras and 49% for HD.
- Each party has the right to nominate 2 Directors on the Board of the proposed Company.
- The proposed Company’s equity shares will be issued to PARAS and HD at face value, as per applicable law.