IUAC is an autonomous institute under the University Grants Commission, Ministry of Education. It conducts particle-accelerator-based research and development.

Under the MoU, Paras Defence and IUAC will jointly develop a commercial-grade MRI magnet system. The collaboration aims to enable indigenous manufacturing of superconducting MRI magnet technology. The companies said the project supports India’s push toward self-reliance under Aatma Nirbhar Bharat.

Paras Defence and Space Technologies is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. The company caters to four major segments - defence & space optics, defence electronics, heavy engineering, and electromagnetic pulse protection solutions.

The company reported a 48.9% jump in consolidated net profit to Rs 20.64 crore on 21.4% increase in revenue from operations to Rs 105.72 crore in Q2 FY26 over Q2 FY25.