Paras Defence and Space Technologies announced a joint venture agreement with CONTROP Precision Technologies for manufacturing Electro Optic (EO)/Infra Red (IR) systems in India.Paras will have a 30% stake in the joint venture company while the remaining 70% will be with Israel-based Controp, a company filing to the stock exchanges said.Under the agreement, Paras will be able to appoint one director while Controp could appoint three directors on the Board of the proposed company.Mutual consent of both Paras and Controp will be required for the issue of equity shares, preference shares, warrants, options or other securities, convertible or exchangeable into shares, the exchange filing said.