The state-run firm entered into a MoU with Israel Aerospace Industries (IAI) to convert Civil (Passenger) aircraft to Multi Mission Tanker Transport (MMTT) aircraft in India.
Under the pact signed, Hindustan Aeronautics (HAL) will convert pre-owned 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.
This MoU will also 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.
Shares of Hindustan Aeronautics lost 0.11% to Rs 1,549.90 on BSE.
HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. As of 31 December 2021, the Government of India held 75.15% stake in company.
The PSU company's consolidated net profit surged 9.4 % to Rs 933.38 crore on a 8.6 % increase in net sales to Rs 5891.90 crore in Q3 FY22 over Q3 FY21.
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