<ul><li>Paras Defence and Space Technologies Ltd. has formed a joint venture with Israel-based Heven Drones Ltd. to create a subsidiary company in India for developing logistics and cargo drones.</li><li>The equity shares of the proposed company will be held at 51% by Paras Defence and 49% by Heven Drones, with a total investment of Rs 51,000 by Paras Defence.</li><li>Both companies will have the right to nominate two directors each on the board of the proposed company, with clauses on share transfer restrictions and pre-emptive rights included in the Joint Venture agreement.</li><li>Paras Defence closed 1.01% higher at Rs 1,633.2 apiece, with analysts recommending a 'hold' for the company and an average price target suggesting a potential downside of 7.9%.</li></ul>

Paras Defence, Israel-Based Heven Drones Form JV To Produce Logistics And Cargo Drones

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