Paras Defence and Space Technologies on Friday announced that it has bagged a contract worth Rs 53 crore from the defence ministry’s research and development laboratory, Instrument Research & Development Establishment (IRDE). The contract is for supplying Optronic Periscopes, including installation support, for Integrated Combat System (ICS), the company said in a regulatory filing.
The contract, it said, will be executed in two phases – a partial delivery will be made in FY24 and the balance delivery by FY25 or earlier.
Earlier, CRISIL Ratings had upgraded its ratings on the bank facilities of Paras Defence and Space Technologies Limited to ‘CRISIL A-/Stable/CRISIL A2+’ from ‘CRISIL BBB+/Positive/CRISIL A2’.
Paras Defence and Space Technologies have five business verticals, namely defence & space optics, defence electronics, heavy engineering, electromagnetic pulse protection solutions and niche technologies. With over 40 years of business in the area of defence and space engineering, the company is involved in technologies for rocket & missiles, space & space research, naval systems, land & armoured vehicles, electronic warfare & surveillance, electromagnetic shielding to name a few. The company has a manufacturing setup with 600+ workforce.