Company to set up a chip assembly and testing unit at Vikram Udyogpuri in Ujjain, creating over 2,500 direct jobs
Chief Minister Dr Mohan Yadav met officials of Paras Defence and Space Technologies at his office in the Madhya Pradesh Assembly on Tuesday. During the meeting, the company agreed to invest around Rs 6,200 crore to set up a semiconductor unit in the state.
The project is expected to create more than 2,500 direct jobs.
The state’s Science and Technology Department signed a memorandum of understanding with the company on the same day. Paras Defence, headquartered in Navi Mumbai, makes optical systems for the defence sector.
CM Yadav welcomed the investment and asked the company to invest in Madhya Pradesh with an open mind. He assured the company of full support from the state government.
“Paras Defence really liked Madhya Pradesh’s semiconductor policy, and the company has already picked a site to set up its unit,” officials told the Chief Minister during the meeting.
The company plans to build a large Outsourced Semiconductor Assembly and Test (OSAT) facility, for which it needs around 50 acres of land. Officials from the regional office of the Madhya Pradesh Industrial Development Corporation in Ujjain have shown company representatives a 40-acre plot at Phase 2 of DMIC Vikram Udyogpuri. Senior company officials have visited the site in person and have provisionally chosen it for the project.
Paras Defence is listed on both the National Stock Exchange and the Bombay Stock Exchange. It has over 40 years of experience in defence and precision manufacturing, and its current market value stands at more than Rs 10,000 crore. The company works in areas such as optics, defence electronics, EO/IR systems, anti-drone systems, RF and microwave systems, EMP protection, quantum technology, space technology and heavy engineering. Its manufacturing units currently run in Maharashtra, Karnataka and Telangana.
The company supplies technology solutions to the Ministry of Defence, DRDO, ISRO, and other major defence and government bodies.
Principal Secretary for Industrial Policy and Investment Promotion Raghvendra Kumar Singh, Principal Secretary for Science and Technology M Selvendran, and MPIDC Managing Director Chandramouli Shukla were among the senior officials present at the meeting.
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