Defense sector company announced an investment of Rs 12,000 crore

Defense sector company Paras Defense and Space has said in a communication sent to the stock exchange that it has signed an agreement with the Maharashtra government under which the company will invest Rs 12,000 crore in Optics Park near Navi Mumbai. The Maharashtra government has so far signed investment proposals worth Rs 6.25 lakh crore through more than 30 MoUs at the World Economic Forum in Davos. Apart from the defense sector, other sectors in which investment agreements have been signed include automotive, steel, EV, renewables and electronic sectors.

What information has the company given

The company has informed that it has signed an agreement with the Maharashtra government for the proposed Optics Park in Navi Mumbai. This Optics Park can start its work in the year 2028. According to the company, after getting land and necessary subsidy from the state government, the company will invest Rs 12 thousand crore for the next 10 years. Under the agreement, the state government will help the company in providing necessary approvals, clearances, incentives.