Paras Defence & Space Technologies has announced plans to set up India’s first optics park in Maharashtra with an investment of Rs 12,000 crore.

An initial agreement was signed between the company and the Maharashtra government at the World Economic Forum in Davos, with the project set to begin operations by 2028.

The optics park will serve as a manufacturing hub for critical sectors, including defence, space, automotive, and semiconductors. Paras Defence aims to contribute to India’s goal of self-reliance in advanced technology manufacturing while creating a robust domestic supply chain.

The project, designed to scale and adapt to future technological demands, will continue until 2035. It is expected to generate over 2,000 direct jobs and create opportunities in associated industries.

As part of the initial agreement, the Maharashtra government will support Paras Defence in acquiring land, securing necessary approvals, and offering incentives to ensure the project’s smooth implementation.