Shares of Paras Defence and Space Technologies Ltd jumped over 2% following the announcement of a strategic Memorandum of Understanding (MoU) with Israel-based Cielo Inertial Solutions Ltd (CIELO). As of 9:31 AM, the shares were trading 2.37% higher at Rs 724.35.
CIELO is a global leader in inertial navigation and sensing technologies, specializing in Closed Loop Fiber Optic Gyros (FOGs), Inertial Measurement Units (IMUs), GyroCompasses, North Finding Systems, and Inertial Navigation Systems (INS).
Through this partnership, Paras Defence and CIELO aim to explore business opportunities in India, focusing on local adaptation, marketing, sales, and indigenous manufacturing of advanced inertial sensors and FOG-based solutions. This collaboration is expected to strengthen Paras Defence’s technological capabilities and expand its presence in the growing defence and aerospace sector in India.
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