Israel’s Controp Precision, India’s Paras Defence form JV company: Israel based Controp has partnered with India’s Paras Defence and Space Technologies which is in the business of offering electro-optical and infra-red based solutions to defence customers. Paras is a publicly traded company in the National Stock Exchange (NSE) in Mumbai, India.
As per the agreement, both Controp and Paras will set up a new company in India. The Joint Venture company will focus on manufacturing innovative, electro-optical and infra-red based advanced multi-domain solutions for various defence applications and in accordance with the Government of India‘s ‘Atmanirbhar Bharat (a self-reliant India) initiative.
The signing ceremony was held in India’s financial capital Mumbai in presence of Controp’s CEO Hagay Azani, and Paras Group’s Managing Director Munjal Shah.
The establishment of the JV company for the procurement of innovative EO and IR state-of-the-art solutions for defense applications is the first step and the new company will work towards creating and boosting local independent capabilities.
Controp Precision Technologies Ltd. specializes in the development and production of high-end stabilized Electro Optical and Infra-Red Multi-Domain systems for intelligence, surveillance, reconnaissance and targeting missions and Counter-UAS for various defense applications.
The Israeli company offers next- generation Electr- Optical and Infra-Red technology utilizing smart algorithms & AI Technology to enable both automation and autonomy for troops on the mission.
The JV is part of Controp’s ongoing business strategy to expand its presence in various global markets through localization.
Israel’s Controp is participating in various high-volume tenders in the Indian Defence Market, mainly in the EO and IR field. The tenders are part of the new “Make In India” policy of the Indian government and the new JV will be the vehicle to implement the projects through a local manufacturing partner by an advanced transfer of technology process.
The JV enables local manufacturing of electro-optical systems benefiting Paras Defence’s large customer access and strong presence in India’s defense market. As part of this activity Controp’s subsidiaries are also expected to expand their business.
“The establishment is a major step taken by both parties toward providing next-generation Electro Optical and Infra-Red based solutions for India’s growing defense market,” he said.
Amit Mahajan, Director-Business Development of Paras Group termed the formation of the joint venture company a remarkable event. “We are partnering with one of the world’s best and leading EO and IR providers. Under the joint venture in India the company will be engaged in manufacturing electro-optical systems for various applications,” Mahajan said in the statement.