Paras Defence and Space Technologies Limited (PARAS) announced on May 23, 2025, the execution of a Joint Venture (JV) Agreement with Heven Drones Ltd. (HD) from Israel. This JV aims to establish a subsidiary company in India for the development and production of logistics and cargo drones. This initiative aligns with the Government of India's 'Make in India' program for both defence and civil markets.
Key details of the JV include:
- The proposed subsidiary company will have a shareholding structure of 51% for PARAS and 49% for Heven Drones Ltd.
- Each party will have the right to nominate two Directors to the Board of the proposed company.
- Both parties will have pre-emptive rights in case of future equity share issuances.
- The proposed subsidiary's name is expected to be "Paras Heven Advanced Drones Private Limited" or "Paras Heven Drones Private Limited", or another name approved by the Ministry of Corporate Affairs.
- The proposed Authorized Share Capital and Paid-up Share Capital will each be ₹ 1,00,000 (Rupees One Lakh Only), divided into 10,000 Equity Shares of ₹ 10 each.
- PARAS will subscribe to 5,100 Equity Shares, totaling ₹ 51,000 (Rupees Fifty One Thousand Only), representing its 51% shareholding.
- The initial subscription to the share capital will be entirely in cash.
- The transaction is not considered a related party transaction for PARAS at the time of agreement execution, though the proposed subsidiary will become a related party post-investment.