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Paras Defence shares gained after the company signed a deal with Israel-based Cielo Inertial Solutions.
CIELO makes advanced navigation systems that use sensors and gyros to track direction, movement, and position without relying on GPS.
The deets: Paras brings experience in Indian defence manufacturing and the ability to produce advanced technology locally. CIELO provides cutting-edge navigation sensors, and together they will develop, market, and make high-tech motion-sensing solutions in India.
Big theme: in FY24, Israel was the biggest buyer of India’s defence products, spending $123 million, followed by the US at $53 million.
Israel mainly imports drones, surveillance gear, and other advanced equipment. India is also focusing on making more of its defence products at home.
Defence exports hit a record $2 billion in 2024, with a goal of $5 billion by 2025.
