In a move aimed at bolstering the 'Make in India' campaign, HAL has entered into an MoU with Israel Aerospace Industries (IAI) to convert Civil (Passenger) aircraft to Multi Mission Tanker Transport (MMTT) aircraft in India. Under the pact signed recently, HAL will convert preowned Civil (Passenger) aircraft into air refueling aircraft with cargo and transport capabilities. The move will provide India's defence ecosystem with new capabilities and cost effective solutions in the market. The MoU will facilitate HAL and IAI's decades' long expertise in developing, manufacturing and producing leading defence platforms. The scope of MoU also covers "passenger to freighter aircraft" conversion along with MMTT conversions.
A formal Memorandum of Understanding (MoU) was signed in Delhi by Mr D. Maiti, CEO (MiG Complex), HAL and Mr Yaacov Berkovitz, VP & GM, IAI in the presence of Mr Chandraker Bharati, JS Aero (MoD).
"We are glad to join hands with our long standing partner IAI in this venture of MMTT conversion business which is one of the strategic diversification avenues identified by HAL", says Mr R. Madhavan, CMD, HAL.
Boaz Levy, President IAI and CEO in his message said "We are proud to come together with our counterparts to bring our best value MMIT solution in India, while utilizing local resources to manufacture and market the platform. By collaborating with HAL and bringing conversion directly to India, we are supporting the 'Make in India' campaign".
Shares of Hindustan Aeronautics Limited was last trading in BSE at Rs. 1551.65 as compared to the previous close of Rs. 1559.80. The total number of shares traded during the day was 35845 in over 2590 trades.
The stock hit an intraday high of Rs. 1586.70 and intraday low of 1544.10. The net turnover during the day was Rs. 56128372.00.