Article Posted on : - Jul 12, 2017

NEW DELHI (PTI): State-run aerospace behemoth Hindustan Aeronautics Limited (HAL) has inked a pact with the Defence Ministry for production of a range of aircraft for the armed forces in the current fiscal, and set a revenue target of Rs 17,900 crore for the year, the Ministry said.

The annual Memorandum of Understanding was signed on Tuesday between Secretary, Defence Production, Ashok Kumar Gupta and HAL chairman and managing director T Suvarna Raju.

"The MoU outlines targets on various performance parameters for the company during the financial year. The revenue from operations has been targeted at Rs 17,900 crore, the highest ever," the Defence Ministry said in a statement.

It said the company has also laid specific emphasis on capacity building, modernisation and aimed to achieve capital expenditure of Rs 1,300 crore in 2017-18.

The ministry said HAL's focus in the year will be on production of Turbo Trainer-40 (HTT-40), Light Combat Helicopter (LCH) and Light Utility Helicopter (LUH).

"Among the important milestones targeted to be achieved include, clearance by director general of civil aviation for civil version of Dornier-228 aircraft, Jaguar DARIN-III upgrade and Mirage 2000 upgrade," it said.