Paras Defence & Space Technologies to Establish Semiconductor Plant in MP: Project to Generate Around 2,500 Direct Employment Opportunities
Madhya Pradesh Chief Minister Dr. Mohan Yadav met the Managing Director of Paras Defence & Space Technologies Private Limited, Manjul Sharad Shah, along with his associates, at the CM's Office in the Madhya Pradesh Legislative Assembly on Tuesday.
CM welcomed the investors and encouraged them to invest in Madhya Pradesh with confidence, assuring them of the State Government's full support.
In the presence of CM Mohan Yadav, the Department of Science and Technology, Government of Madhya Pradesh and the company signed and exchanged a Memorandum of Understanding (MoU). The company's corporate headquarters is located in Navi Mumbai, and it manufactures advanced optical systems.
Chief Minister Dr. Yadav was informed that the company was highly impressed by Madhya Pradesh's Semiconductor Policy and has already identified land for establishing its semiconductor manufacturing unit in the State.
CM Mohan Yadav was informed by the company representatives that Paras Defence & Space Technologies plans to establish a semiconductor manufacturing project in Madhya Pradesh with an initial investment of nearly Rs 6,200 crore. The project is expected to generate more than 2,500 direct employment opportunities. The company has already identified suitable land and will soon submit its proposal for land allotment.
About the Company
Paras Defence & Space Technologies Limited is one of India's leading defence and space technology companies, engaged in developing and manufacturing indigenous technologies and advanced engineering solutions for the defence, space and aerospace sectors. The company is publicly listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
With more than 40 years of experience in the defence and precision manufacturing sectors, the company operates in strategic domains including optical and optronic systems, defence electronics, EO/IR systems, anti-drone systems, RF and microwave systems, EMP protection systems, quantum technologies, space technologies and heavy engineering. Its manufacturing and engineering facilities are located in Maharashtra, Karnataka and Telangana.
The company provides advanced technology solutions to the Ministry of Defence, DRDO, ISRO, defence public sector undertakings, and several leading national and international organisations. It is also expanding its presence in semiconductor manufacturing.
Company plans to establish a world-class OSAT facility in MP
As part of its business expansion, the company plans to establish a world-class OSAT (Outsourced Semiconductor Assembly and Test) facility in Madhya Pradesh. The project requires approximately 50 acres of land. In this regard, the Ujjain Regional Office of MPIDC has shown the company around 40 acres of suitable land in Phase-II of DMIC Vikram Udyogpuri Limited. Senior company officials have already inspected the site and have selected it as the preferred location for the proposed project.
The proposed semiconductor project is expected to provide significant impetus to Madhya Pradesh's semiconductor and high-technology manufacturing ecosystem while boosting investment, employment generation and industrial development in the State.