Paras Defence and Space Technologies Limited, a defence engineering company, has signed a Memorandum of Understanding (MoU) with Israel-based Heven Drones Ltd to establish a joint venture for manufacturing logistics and cargo drones in India.
The 51:49 partnership, with Paras holding the majority stake, aims to bring Heven Drones’ portfolio of advanced drone technologies to India under the Make-in-India initiative. The joint venture, to be named “Paras Heven Drones India,” will focus on developing and producing logistics drones with payload capacities ranging from 10 kg to 40 kg for both defence and civilian applications, said a report.