In an exchange filing, the company said, “Hindustan Aeronautics, Foundry & Forge Division, Saarloha Advanced Materials (Saarloha) & Bharat Forge sign MOU for collaboration in development and production of aerospace grade steel alloys.”

This MoU also accentuates development, certification & prove out and application of new material for use in production of aircrafts, engines, and accessories, said the company.

M S Venkatesh, executive director at F&F, HAL, said, “The development of Aerospace grade raw materials in the country will help HAL in maintaining its commitment to Armed forces and will also reduce nation's dependency on foreign OEM's (original equipment manufacturers) with respect to raw materials. A step towards AtmaNirbhar Bharat, this MoU will open many other avenues for not only HAL & Saarloha, but many other companies which may be benefitted due to development of Aerospace grade steel bars in country.”

R K Goyal, Director of Saarloha said, “Aerospace grade steel alloys production & component qualification process contain stringent testing parameters which also includes long tests on actual operations. This collaboration would be a unique opportunity to speed up the qualification processes. Manufacturing of specialty steel would play a significant role in realizing the success of national aerospace & defense programs under ‘Atmanirbhar Bharat' initiative.”

Guru Biswal, CEO-Aerospace Division of Bharat Forge said, “Developing and Qualifying Aero grade Alloys shall benefit the Aerospace manufacturing eco system in the country and make them more competitive globally.”

There are very few equivalent approved/qualified domestic suppliers for various types of Aerospace grade steel alloys used in Aircraft applications. Due to this such alloys are getting imported which creates dependency on foreign steel, manufacture, Bharat forge stated in the press release.

Bharat Forge (BFL) manufactures an extensive array of critical and safety components for several sectors including automobiles (across commercial & passenger vehicle), oil & gas, aerospace, locomotives, marine, energy (across renewable and non-renewable sources), construction, mining and general engineering.

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 2022, the Government of India held 75.15% stake in the company.

Saarloha Advanced Materials (Saarloha) is part of the $3 billion Kalyani Group. Saarloha is one of the leading producers of wide variety of specialty steels for critical end-use applications such as Defense, Aerospace, Auto, Nuclear etc.

Shares of Bharat Forge added 0.06% to Rs 857.20 while HAL gained 2.23% to Rs 2,725.75 on the BSE.