India’s Hindustan Aeronautics (HAL) will be ready to launch by July or August this year.
The state-owned aerospace and defense company will wait for the results of the past financial year that are to be audited. The company would be ready for the IPO by July or August, Chairman and Managing Director T Suvarna Raju was quoted as saying by CNBC-TV18 in an interview Monday.
The IPO has been delayed as it required some concessions as far as putting data in the public domain was concerned, he said.
A significant was made on identification of Book Running Lead Managers and preparation of draft red herring prospectus and other necessary documents were in place, Raju had said during Aero India 2017 in February.
The Department of Public Enterprises (DPE) has issued the notification for the listing in October 2015. Hindustan Aeronautics is one of the Central Public Service Undertakings (CPSUs) which has been issued a notification from the Indian government for listing by March 2017.
Indian Defense Minister of State for Defense, Inderjit Singh Rao said in a statement to the Parliament in March last year that “the Government has approved disinvestment of defence sector CPSEs, 5 per cent paid-up equity of BEL out of Government of India’s shareholding of 75.02 per cent, through Offer for Sale (OFS) and 10 per cent of paid-up equity of HAL, through Initial Public Offer (IPO).”
HAL is currently handling many key projects for both the Indian Air force and Indian Navy such as development of Tejas Light Combat Aircraft , Dhruv Advanced Light Helicopters , and the indigenous production of Russian-origin Su-30MKI fighter planes.
Indias Hindustan Aeronautics has received orders worth INR 21,000 crores ($3.2 billion) that includes AL-31 engines for Su-30MKI, 12 Do-228 aircraft for the Indian Navy and 32 ALH for the Indian Navy and the Coast Guard during fiscal 2016-17
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Thales Nederland BV, a Netherland-based firm has won a contract to provide two missile guidance units in support of Sea Sparrow Missile launch to the government of Japan. “Thales Nederland BV, Hengelo OV, Netherlands, is being awarded a $10,699,226 firm-fixed-price contract for two missile guidance units (MGU), spare parts, technical manuals, training and engineering support for the government of Japan,” the US Department of Defense announced in a press release Thursday
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The US Court of Appeals for the Federal Circuit has reversed a decision in a patent suit against the US centering on the helmet-mounted display system (HMDS) in a fighter jet. The Federal Circuit reversed the US Court of Federal Claims decision that US patent number 6,474,159 was unpatentable because of ineligible subject matter,
State-owned Hindustan Aeronautics Limited (HAL) on Saturday launched the production of the 5.8 ton category Light Combat Helicopter (LCH) to fulfill an Indian MoD order for 15 helicopters
India's Hindustan Aeronautics Limited has targeted a revenue from operations to the tune of INR17900 Crore ($2.8Billion) during the 2017-18 fiscal year, which is claimed to be its highest ever
Britain has offered technology transfer to India for co-production of weapon systems and military platforms. Britain and India can prove to be “world beaters”
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