Latest news with #MunjalSharadShah
Entrepreneur
a day ago
- Business
- Entrepreneur
The Swadeshi Technocrat
"You have to always increase the value that you offer to your customers, and as an Indian manufacturer, this can be achieved by investing in technology development and import substitution," says Munjal Sharad Shah, Managing Director, Paras Defence & Space Technologies You're reading Entrepreneur India, an international franchise of Entrepreneur Media. It was the summer of 1997 when Munjal Shah decided to join his father, Sharad Virji Shah, in their small-scale engineering company, which specialised in providing import substitution of critical engineering components. Cut to 2025: The modest enterprise has evolved into one of the country's leading players in Defence & Space Engineering, with a market capitalisation of over INR 6,400 crore. The father-son duo has proven their track record over the past 40+ years, developing technologies for rockets and missiles, space and space research, naval systems, land and armoured vehicles, electronic warfare and surveillance, and electromagnetic shielding with Paras Defence & Space Technologies (formerly Paras Flow Form Engineering Limited). For Munjal, the country's defence sector commands a long-term commitment to indigenous development, requiring significant research and development. "In areas where technology development from scratch might take longer than the need of the situation, we partner with the OEMs of such advanced technologies and serve the customer with world-class technologies, made in India with very high indigenous content," shares Munjal Sharad Shah, Managing Director, Paras Defence & Space Technologies. Research and innovation are deeply embedded across the company, leading Paras to offer 50+ products such as submarine periscopes, hyper-spectral imaging systems for space, ground-to-space and space-to-space telescopes, border defence systems, critical electro-optics systems for various platforms, laser-based air defence systems, drone detection and jamming systems, anti-drone technologies, electromagnetic protection solutions, hydrogen-powered drones, and drone cameras. When asked about his biggest entrepreneurial learning to date, Shah strongly emphasises the value offered to customers. "You have to always increase the value that you offer to your customers, and as an Indian manufacturer, this can be achieved by investing in technology development (innovation and R&D) and import substitution," he notes. In 2025 so far, the company has bagged an INR 142.31 crore contract from DRDO arm CHESS to develop a high powered anti-drone laser system; signed an MoU with Israel-based HevenDrones to establish a joint venture for manufacturing logistics and cargo drones in the country.
Business Standard
06-05-2025
- Business
- Business Standard
Paras Defence inks MoU with Israel's HevenDrones to form JV for defence logistics drones
Paras Defence and Space Technologies said that it has signed a memorandum of understanding (MoU) with Israel-based HevenDrones to establish a joint venture for manufacturing logistics and cargo drones in India. The joint venture (JV) will establish a new entity in India to design, manufacture, and supply next-generation drone systems tailored for Indias defence and homeland security landscape, with long-term plans to address global markets. The JV combines Paras Defences engineering and manufacturing ecosystem with HevenDrones proprietary platforms. It will serve as the exclusive vehicle for bringing this revolutionary hydrogen-powered drone technology to India for the first time. This partnership positions the JV among the first in the country to offer ready-to-fly, proven hydrogen-powered drones with enhanced flight endurance and modular payload capabilitiesdesigned, manufactured, and deployed from Indian soil. The JV will prioritize deployment in domains such as logistics support for remote and border regions, tactical surveillance, defence supply chains, and high-altitude missions. Munjal Sharad Shah, managing director, Paras Defence and Space Technologies, said, India is a priority market for drone deployment at scale, and HevenDrones combat-tested portfolio provides a strategic edge. This JV enables us to deliver world-class Made in India drone systems for local and global markets. Bentzion Levinson, CEO, HevenDrones, stated, This collaboration marks a significant milestone in our roadmap as we work to ensure an allied global business footprint. Paras Defence brings unmatched engineering capabilities, manufacturing infrastructure, and deep knowledge of Indias defence ecosystem. Together, we are contributing to the Atmanirbhar Bharat mission and setting a new benchmark in performance-driven UAV solutions for global markets. The companys consolidated net profit zoomed 97.79% to Rs 19.72 crore on 35.81% rise in revenue from operations to Rs 108.23 crore in Q4 FY25 over Q4 FY24. Additionally, the company's board has also approved splitting one equity share, which currently carries a face value of Rs 10 each, into two equity shares of Rs 5 each. The record date for the stock split will be informed in due course.
