Paras Defence and Space Technologies has signed a memorandum of understanding (MoU) with the Maharashtra government to develop an Optics Park in Navi Mumbai.

This project, with an investment of Rs 12,000 crore over the next decade, is slated to commence operations in 2028. It aims to establish India’s first dedicated technology hub for optics and optical technologies, fostering advancements in the field.

The Optics Park is projected to create approx. 2,000 direct employment opportunities and significantly boost India’s capabilities in optical technology. The Maharashtra government will assist Paras Defence in obtaining necessary approvals, permissions, fiscal incentives, and clearances as per existing state policies and regulations. The initiative's success is contingent on land allocation and subsidies from the state government.