Paras Defense and Space Technologies will invest Rs 6200 crore in Madhya Pradesh. The establishment of the Semiconductor OSAT unit will generate more than 2500 direct jobs. The MoU was signed in the presence of Chief Minister Dr. Mohan Yadav.
A major step has been taken towards making Madhya Pradesh a semiconductor and high-tech manufacturing hub. Paras Defense and Space Technologies Limited, a leading company in the defense and space sector, has planned to invest Rs 6200 crore in the state. This investment is expected to create more than 2500 direct jobs. A Memorandum of Understanding (MoU) was also signed between the company and the Department of Science and Technology in the presence of Chief Minister Dr. Mohan Yadav.
Paras Defense will set up semiconductor unit
The company’s Managing Director Manjul Sharad Shah and his team met Chief Minister Dr. Mohan Yadav in the Chief Minister’s chamber located in the Assembly. During this, the Chief Minister welcomed the investors and assured that the state government will cooperate at every level related to investment.
It was informed in the meeting that the company wants to set up a world class OSAT (Outsourced Semiconductor Assembly and Test) unit in Madhya Pradesh. About Rs 6200 crore will be invested in the initial phase. The company has also made preliminary selection of land for the project and will soon submit the land allotment proposal to the government.
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More than 2500 jobs, industrial development will get a boost
Principal Secretary Industrial Policy and Investment Promotion Raghavendra Kumar Singh said that the company has found the semiconductor policy of Madhya Pradesh attractive. The proposed project will require approximately 50 acres of land. After inspecting the suitable land in DMIC Vikram Udyogpuri Phase-2 of Ujjain, the company has selected it on priority basis. The government believes that the commencement of this project will give new impetus to high-tech manufacturing in the state. Apart from more than 2500 direct employment, huge opportunities for indirect employment will also be created.
What does Paras Defense Company do?
Paras Defense and Space Technologies Limited is one of the leading defense and space technology companies of India. The company operates in strategic areas such as optical systems, defense electronics, anti-drone systems, quantum technology and semiconductors for the defence, aerospace and space sectors.
The company’s manufacturing plants are operated in Maharashtra, Karnataka and Telangana. It provides technical solutions to Defense Ministry, DRDO, ISRO and many national and international institutions. Now with the proposed semiconductor project in Madhya Pradesh, the state can emerge as a new center of investment, technological development and employment.
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