Paras Defence enters drone market with Heven joint venture

Paras Defence and Space Technologies (BSE: 543367) has announced a strategic joint venture with Heven Drones Israel to develop and produce next-generation drone systems. The JV will focus on supplying the Indian defense and homeland security markets, with plans to expand globally. Heven will transfer intellectual property and production manuals, while Paras Defence will handle manufacturing, sales, and local compliance. The partnership aims to leverage Paras Defence's engineering capabilities and Heven's drone technology to support India's self-reliance in defense. This collaboration comes as Paras Defence reports strong FY25 growth, including doubling net profit and an order book exceeding INR9 billion. The joint venture will manufacture drones for military-grade applications, including frontline logistics, tactical surveillance, and border operations.