In an exchange filing on Wednesday, April 15, the company said the partnership will involve the supply and support of Northstar’s air-to-air refuelling systems and associated services.
As part of the agreement, the two companies will collaborate exclusively to develop facility and depot-level capabilities in India to service and support Northstar’s product line for the Indian Air Force.
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The agreement is valid for a period of 10 years, providing long-term visibility for collaboration in a niche defence segment.
Northstar is a US-based company with capabilities in the design, development and manufacturing of aerial refuelling systems for various airborne platforms.
Paras Defence clarified that it does not hold any stake in Northstar or its group companies, and the agreement does not fall under related party transactions.
Shares of the company were trading 8.29% up at ₹764.40 as of 1.46 pm following the announcement. The stock has gained nearly 21% in the last month and 48% over the last 12 months.
