Paras Defence and Space Technologies Limited ('Paras') has entered into an MOU (Memorandum of Understanding) on March 14, 2023 with CONTROP Precision Technologies Ltd., Israel with an intent to create new opportunities and expand both parties' business in the Indian and Global Defence sector. To support the MOU objectives, the parties intend to form a Joint Venture Company ('JV') in India for manufacturing Electro-Optic Systems for various applications, all in accordance with the Government of India's Make in India initiative.