Paras Defence and Space Technologies Limited has entered into a joint venture agreement with Heven Drones Ltd. of Israel, marking a significant step towards enhancing indigenous drone capabilities in India. This collaboration, formalized through a Joint Venture Agreement dated May 23, 2025, aligns with the Government of India’s Make in India initiative, focusing on the development and production of logistics and cargo drones for both defence and civil applications.
The new entity, proposed to be named either Paras Heven Advanced Drones Private Limited or Paras Heven Drones Private Limited—subject to approval from the Ministry of Corporate Affairs—will be established as a subsidiary in India. Paras Defence will hold a 51% stake, while Heven Drones will retain 49%. Both companies will nominate two directors each to the board, ensuring joint governance and strategic input from both sides.
The venture will initially be capitalized at ₹1,00,000, divided into 10,000 equity shares of ₹10 each. Paras Defence will subscribe to 5,100 shares, amounting to ₹51,000, paid in cash. Heven Drones will subscribe to the remaining 4,900 shares. These transactions are not classified as related party transactions, and no conflicts of interest have been disclosed.
This move reflects Paras Defence’s continued focus on emerging technologies in the aerospace and defence sector. With the Indian government placing increased emphasis on domestic manufacturing, this partnership is positioned to contribute to the country’s strategic and technological autonomy. The new venture will operate within the defence and logistics industry, targeting the growing demand for drone-based solutions in both military and civilian markets.
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