VL E-Governance signs binding term sheet for acquisition of 26 per cent equity stake in HETL (Joint Venture of Hindustan Aeronautics Limited (HAL))

PRNewswire

Mumbai (Maharashtra) [India], July 22: VL E-Governance & IT Solutions Limited (VL E-Governance) has entered into a binding term sheet with Edgewood Ventures LLC, USA for acquisition of 26 per cent equity stake in HAL-Edgewood Technologies Private Limited (HETL).

HETL was set-up in 2007 as a Joint Venture of Hindustan Aeronautics Limited (HAL), in collaboration with Edgewood Ventures LLC, USA and Edgewood Technologies Private Limited, Bangalore, India. HETL has developed next-generation state-of-art Mission Computer (OSAMC: Open System Architecture Mission Computer) for Military Aviation / Aircraft. The first product in its category and completely designed & developed on Indian soil. It is also an import substitution product. The product Mission Computer (OSAMC) has been patented vide patent No. 302177 and received approval under 'Make-in-India' products.

HETL is engaged in the business of design, develop, manufacture or promote high-tech projects/products to carry on the business and promote research design and development in the field of electronics, software, hardware and aeronautical system required for aviation, aerospace and satellite projects.

This is a strategic investment for the future growth opportunities in the Business of design, develop, manufacture or promote high-tech projects/products in the field of electronics, software, hardware and aeronautical system required for Aviation, Aerospace, Defense and Satellite projects.

The company (VLE) has over the years built vast experience and strong execution capabilities to execute large scale field level Government projects. The company shall leverage this experience and plans to Bid for New upcoming large scale Government projects, thereby enabling strong future growth roadmap.

About VL E-Governance & IT Solutions Limited (BSE: 543958) (NSE: VLEGOV)

VL E-Governance & IT Solutions Limited Business includes E-governance services, IT/ITES System Integration services, B2B Trading business and IT/ITES equipment trading activities. Company has been One of India's largest e-Governance player functioning as a systems integrator and end-to-end service provider for various e-Governance projects.

Over the last two decades, the Company has built vast experience and strong execution capabilities to execute large scale field level Government projects. It is one of the few companies with the resources, the experience and the bandwidth to undertake nationwide e-Governance Projects and land record digitization & modernization programme in India. The Company has also Executed International Projects like Land Record Digitization for the Philippines Government.

About HAL-Edgewood Technologies Private Limited (HETL)

HETL has developed next-generation state-of-art Mission Computer (OSAMC: Open System Architecture Mission Computer) for Military Aviation / Aircraft. The first product in its category and completely designed & developed on Indian Soil. It is also an import substitution product. The product Mission Computer (OSAMC) has been patented vide patent No. 302177 and received approval under 'Make-in-India' products.

The Company is engaged in the business of design, develop, manufacture or promote high-tech projects/products to carry on the business and promote research design and development in the field of electronics, software, hardware and aeronautical system required for aviation, aerospace and satellite projects. It is also in the business of to set up design center for design and development of chip data encryption and digital design center.

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