The technology will be transferred for the development, manufacturing, and sale of Optical Imaging System in India and abroad

The draft of the agreement has been handed over by NSIL to Paras.

The New Space India Limited (NSIL) on June 27 signed a letter of intent with Paras Defence and Space Technologies Limited for handing over the 'Optical Imaging System' technology that was developed by the Indian Space Research Organisation (ISRO).

The technology will be transferred by way of Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging System in India and abroad.

The draft of the agreement has been handed over by NSIL to Paras.

The company said in a press release that it will inform its stakeholders about the execution of the agreement, upon finalisation of the commercials.

In an interview, Director - Technical & R&D, Paras Defence and Space Technologies Ltd, Amit Mahajan said that he sees huge potential in the optics and electronics segment. "Around 40-50 percent revenue growth expected in FY23. India has the potential to become a defence export hub," he added.