BENGALURU: Hindustan Aeronautics Ltd is exploring options to test the Tejas or LCA-Mk1 with the Kaveri engine — a project being developed by Gas Turbine Research Establishment, a unit of Defence Research Development Organisation. HAL is looking to revive the engine and some progress is expected by March, said its CMD T Suvarna Raju on Wednesday.
Raju said the Public Sector Unit is funding its projects from its own resources. It is also planning to take loans from banks, he said. HAL is expecting an investment of Rs 17,500 crore in its projects in next five to six years.
Public offer soon
C V Ramanarao, Director (Finance), said HAL is likely to float a public offering. He said the red herring prospectus for the IPO will be issued by this year end.
HAL plans to issue 3.615 crore equity shares in the IPO and the value of each share will be decided by government agencies concerned. Raju said the firm had recorded its highest turnover in 2015-16 at Rs 16,736 crore, recording a 7.14 per cent growth. The revenue target for 2016-17 was Rs 17,100 crore and HAL had a turnover of Rs 10,086 crore by January.
Of the 222 Sukhoi-30 Mk1 to be produced by HAL, 183 aircraft were ready by January. The remaining will be delivered by 2019-20. HAL produces 12 Sukhoi-30Mk1 every year.
Of the order for 40 Tejas Light Combat Aircraft, three have been handed over to IAF and squadron operation of the aircraft will be from HAL. He said that there was an order for 83 LCA Mk-1A from IAF.
On the Advanced Light Helicopter Dhruv, he said 231 have been produced till January. Of the current order of 159 aircraft, 136 have been delivered and the rest will be delivered by 2017-18.
He said the Defence Acquisition Council has cleared the purchase of 15 Light Combat Helicopters; 10 for Air Force and five for the Army. There are also projects to upgrade Jaguar and Sukhoi aircraft.