Paras Defence and Space Technologies Signs Agreement with Northstar for Air-to-Air Refueling Support
Paras Defence and Space Technologies Limited has formalized an agreement with Bandak Aviation Inc., operating as Northstar, USA. The collaboration aims to supply and support Northstar products, specifically air-to-air refueling systems and associated accessories, alongside related services for the Indian Armed Forces.NORTHSTAR is recognized as a leading company, possessing extensive capabilities and relationships concerning the design, development, manufacturing, enhancement, and provision of the NORTHSTAR aerial (air-to-air) refueling product line for various airborne platforms.
The purpose of the collaboration between Paras Defence and Space Technologies Limited and NORTHSTAR is to develop, facility, and depot level capability. This effort will enable the sale and support of Northstar product and services to the Indian Air Force.
The agreement, which is set for a period of Ten total years, mandates that the parties collaborate exclusively to establish this capability.
Key details concerning the agreement are summarized below:
| Particulars | Details |
|---|---|
| Parties Involved | Paras Defence and Space Technologies Limited ('PARAS') and Bandak Aviation Inc. DBA Northstar, USA ('NORTHSTAR') |
| Agreement Duration | Ten total years |
| Purpose | Collaborate exclusively to develop, facility and depot level capability to sell and support Northstar product and services to Indian Air Force. |
| Shareholding | PARAS does not have any shareholding in NORTHSTAR or its group companies. |
| Related Party Status | The transaction does not fall under related party transactions, and the terms were conducted at 'arms length'. |
The arrangement highlights a strategic partnership between Paras Defence and Space Technologies Limited and Northstar, focusing on bolstering the operational capacity of Indian air assets through advanced refueling technology support.
PARAS Stock Price Movement
Shares of Paras Defence and Space Technologies Limited are edging higher to ₹763.25 as of 1:41 PM today, gaining 8.12% in live trading. The stock is trading on robust momentum, underpinned by a massive volume of 3.14 million shares traded so far today.Source:
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