Paras Defence, Heven Drones Partner to Build Cargo Drones in India

• Paras Defence and Heven Drones form JV to build drones in India.
• JV supports ‘Make in India’; Paras holds 51% stake.
• Paras brings strong defense tech expertise to boost local drone production.

Paras Defence and Space Technologies has formed a joint venture with Israel's Heven Drones to set up a new drone company in India. The new company, Paras Heven Advanced Drones Private Limited, intends to design and produce advanced logistics and cargo drones for both defence and civilian applications. The joint venture is in line with the Indian government's 'Make in India' initiative and seeks to increase domestic production of goods and decrease import dependence on drones.

Paras Defence will own a 51% majority stake in this joint venture to maintain control, while Heven Drones will own the remaining 49%. The new company will be incorporated in India with an authorised capital of ₹1 lakh, both companies will appoint two directors each to the board, and both companies will have pre-emptive rights in the event either company directly or indirectly issues additional shares in the future.

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The company confirmed it has no existing shareholding in Heven Drones meaning that the agreement could be classified as a non-related party transaction. It is an India-based defence and space technology company, specializing in various defence technologies, including optics, EMP protection, defence electronics, and heavy engineering.

It works with emerging technologies as well, such as drones and anti-drone systems, RF and microwave technologies, EO/IR avionics and quantum communications, has over 40 years of experience and employs over 600 people; it provides integrated design, development, and manufacturing, and has a state-of-the-art manufacturing facility. Paras Defence is recognized as holding Indigenous Design, Development & Manufacturing (IDDM) status in India's defence products sector.