As part of its disinvestment programme, the government plans to list the state-run Hindustan Aeronautics (HAL). The Maharatna firm will restructure its board for this purpose by next fiscal.
Addressing mediapersons, HAL chairman T Suvarna Raju said, “The decision for disinvestment in HAL was taken by the government. Work has started and by April there will be more clarity. Also, Sebi clearance is required for this.”
The new chairman said HAL will make military and civil variants of light utility helicopters (LUH) for the Indian and global markets.
“We are setting up a greenfield facility near Tumakuru to manufacture LUHs in the three-tonne class for which there is huge potential demand in the domestic and international markets,” HAL chairman said.
The Karnataka government had allocated 610 acres of land to the company near Tumakuru, about 80 km from Bengaluru, for setting up the plant. Though Raju did not disclose the proposed investment in the new plant, the defence behemoth had spent about Rs 400 crore in the design and development of the LUH, whose prototypes will roll out by April 2017 for certification and operational.