Paramount Communications has announced the receipt of a letter of intent from MP Industrial Development Corporation in response to the company's application for allotment of land admeasuring 30 acres at manufacturing zone for power and renewable energy equipment at Mohasa - Babai, District Narmadapuram, Madhya Pradesh.

The industrial land will be allotted to the company on lease for a period of 99 years for setting up an industrial unit for manufacturing of DC and AC cables.

The allotment is subject to the company fulfilling certain terms and conditions specified in the letter of intent.