HAL, Israel Aerospace Industries to convert civil aircraft to multi mission tanker transport

Hindustan Aeronautics Limited (HAL), on Wednesday announced that it has entered an MoU with Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to Multi Mission Tanker Transport (MMTT) aircraft in India, according to the company's press statement.

The company said that the move aims at bolstering the 'Make in India' campaign.

"We are glad to join hands with our long-standing partner IAI in this venture of MMTT conversion business which is one of the strategic diversification avenues identified by HAL," said R. Madhavan, CMD, HAL.

HAL will convert preowned civil (passenger) aircraft into air refuelling aircraft with cargo and transport capabilities, said the company. It expects that the "move will provide India's defence ecosystem with new capabilities and cost-effective solutions in the market". The MoU will facilitate HAL and lAl's decade long expertise in developing, manufacturing and producing leading defence platforms. The scope of MoU also covers "passenger to freighter aircraft" conversion along with MMTT conversions, the company said in a statement.

A formal Memorandum of Understanding (MoU) was signed in Delhi by D. Maiti, CEO (MiG Complex), HAL and Mr Yaacov Berkovitz, VP & GM, IAI in the presence of Chandraker Bharati, JS Aero (MoD).

"We are proud to come together with our counterparts to bring our best value MMIT solution in India, while utilizing local resources to manufacture and market the platform. By collaborating with HAL and bringing conversion directly to India, we are supporting the 'Make in India' campaign," said Boaz Levy, President IAI.

Meanwhile, the Hindustan Aeronautics Limited (HAL) paid the second interim dividend of Rs 653.36 crore in 2021-22 to the Union Government on Tuesday. The company had declared the second interim dividend of Rs 26 per equity share of Rs 10 each amounting to Rs 869.41 crore on February 10, 2022, in addition to the first interim dividend of Rs 14 per equity share of Rs 10 each amounting to Rs 468.14 crore. HAL previously said that it was highest dividend declared by the company after listing of its shares on the stock exchanges and was more than what has been prescribed under DPE guidelines.