Defence public sector undertaking Hindustan Aeronautics Ltd. (HAL) would begin the process of disinvesting with the government deciding to offload 10 per cent of its holding in the next five years.
Sixty years after it acquired a stake in the organisation, the government would begin disinvesting its shares in the PSU that recorded a turnover of slightly over Rs.13,000 crore and a profit before tax Rs. 2,800 in 2010-11 against a turnover of Rs.11,457 crore and profit before tax of Rs.2,688 crore in 2009-10.
Government sources said the Ministry of Defence had ‘in-principle' agreed to the proposal aimed primarily to speed up the process of modernisation for the defence PSU that manufactures 15 types of aircraft for the defence service and coast guard and 14 types under licence production.
As per the company, it has manufactured over 3,600 aircraft and some 4,000 engines while upgrading 270-odd aircraft.
It has been running research and development programmes for defence and civil aviation sectors.
One of its prestigious programmes is the Tejas-Light Combat Aircraft for the Indian Air Force and Intermediate Jet Trainer besides the Advanced Light Helicopter and Light Combat Helicopter.
At the Bangalore air show in February, HAL officials said the company would be investing funds to modernise its facilities across the country.
