: IAF to buy 70 HTT40 trainer aircraft from HAL for Rs 6,800 cr #FinanceIndia #StockMarketNEWS IAF to buy 70 HTT-40 trainer aircraft from HAL for Rs 6,800 cr New Delhi, Oct 21 (KNN) The Indian Air Force

@StockMarketNEWS Tue 25 Oct, 2022

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IAF to buy 70 HTT40 trainer aircraft from HAL for Rs 6,800 cr #FinanceIndia #StockMarketNEWS
IAF to buy 70 HTT-40 trainer aircraft from HAL for Rs 6,800 cr New Delhi, Oct 21 (KNN) The Indian Air Force (IAF) on Thursday signed an agreement with the Hindustan Aeronautics Limited (HAL) to purchase 70 HTT-40 indigenous Basic Trainer Aircraft (BTA) for Rs 6,800 crore.

Overall, 451 Memoranda of Understanding (MoU), Transfer of Technology (ToT) agreements and product launches took place during the Bandhan ceremony at the 12th DefExpo.

“Of the 451, there were 345 MoUs, 42 major announcements, 46 product launches and 18 ToTs. The contribution of Gujarat was 28 MoUs and one product launch. It envisages investment worth Rs 1.5 lakh crore,” the Defence Ministry said in a statement.

While addressing the concluding ceremony, Defence Minister Rajnath Singh a strong and prosperous ‘New India’ is fully ready to stand shoulder-to-shoulder with major world powers. “Our self-reliance efforts are to ensure that the nation and its people remain protected from future threats,” he stated.

The government in its push for self -reliance in the defence sector, approved the procurement of 106 HTT-40 for the IAF of which post certification 70 BTA in the year 2020.

In February 2021, at Aero India, HAL received the Request for Proposal from the IAF for HTT-40 for 70 aircraft with additional clause for 38 more. Production will take place at HAL’s two manufacturing units at Bengaluru and Nasik.

Adani Defence & Aerospace have also decided to invest 5,000 crores in priority areas of information processing, Artificial Intelligence, Unmanned systems among others .It also announced a plan to set up the largest Maintenance and Repair Operations (MRO) facility to cater to both defence and civil areas.

Lockheed Martin shared its plans for establishing MRO and Multi Role Fighter Aircraft facilities in the country and integrating local manufacturers into the global supply chain while SAAB India announced that it is planning to commence production of Karl-Gustaf launchers in India by 2024. (KNN Bureau)