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| Tejas LCA currently under development by HAL |
By VIVEK RAGHUVANSHI
NEW DELHI — India will sell 10 percent of its 100 percent stake in monopoly military aircraft producer Hindustan Aeronautics Ltd. (HAL), a senior Defence Ministry official said. All formalities have been cleared and the 10 percent stake will be put on sale by October, the official said.
HAL, with an annual turnover of US $2.53 billion, is the country’s sole producer of military aircraft. It plans to use money from the sale to finance a $5 billion modernization of the company, said the MoD official.
The government, however, has no plans to privatize HAL by selling over 50 percent of its stake in the company, the MoD official clarified.
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