At the signing ceremony that was held in Mumbai, India, in the presence of Hagay Azani, CEO, CONTROP, and Munjal Shah, PARAS, MD an important first step was taken: The establishment of a JV for the procurement of innovative, EO/IR state-of-the-art solutions for defense applications, in accordance with "Atmanirbhar Bharat" (Self-Reliance) initiative implemented by the Indian government for creating and boosting local independent capabilities.

CONTROP Precision Technologies Ltd. specializes in the development and production of high-end stabilized EO/IR Multi-Domain systems for intelligence, surveillance, reconnaissance and targeting missions and CUAS for various defense applications. CONTROP offers next- generation EO\IR technology utilizing smart algorithms & AI Technology to enable both automation and autonomy for troops on the mission.

The JV is part of CONTROP's ongoing business strategy to expand its presence in various global markets through localization. CONTROP is participating in various high-volume tenders in the Indian Defence Market, mainly in the EO/IR field. The tenders are part of the new "Make In India" policy of the Indian government and the new JV will be the vehicle to implement the projects through a local manufacturing by an advanced Transfer of Technology process.

The JV enables local manufacturing of electro-optic systems benefiting PARAS's large customer access and strong presence in India's defense market. As part of this activity CONTROP's subsidiaries are also expected to expand their business.

Hagay Azani, CEO, CONTROP: " The power of a momentous change lies in two parties deciding to join forces.

The establishment is a major step taken by both parties toward providing next-generation EO/IR solutions for India's growing defense market.

Amit Mahajan, Director-Business Development, PARAS: "This is a very remarkable event in our company's business. We are partnering with one of the world's best and leading EO/IR providers. Under the joint venture in India the company will be engaged in manufacturing electro-optic systems for various applications."

PARAS Defence and Space Technologies Ltd. focused on the Design, Development, Manufacturing, Testing & Commissioning of Products, Systems and Solutions having Defence & Space Applications. PARAS strongly follows the principle of 'Make in India' and offering various products and solutions that are being manufactured under one roof. We have a start-of-the-art manufacturing facility and a highly skilled workforce along with being equipped with a robust supply chain group.