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According to the Agreement, HAL will convert passenger aircraft to freighter aircraft along with the conversion of pre-owned civil aircraft into air refueling aircraft with cargo and transport capabilities.
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).
Commenting on the same, Mr R. Madhavan, CMD of HAL said "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"
Boaz Levy, President and CEO, Israel Aerospace 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"
Hindustan Aeronautics is an Indian state-owned aerospace and defence company, headquartered in Bengaluru, India. HAL is one of the oldest and largest aerospace and defence manufacturers in the world today.
On Consolidated basis, the company reported 9.4% increase in net profit to Rs 933.38 crore on 8.6% increase in net sales to Rs 5891.90 in Q3 FY22 over Q3 FY21.
The scrip rose 0.22% to currently trade at Rs 1555 on BSE.
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