Aerospace and defence company Hindustan Aeronautics Ltd (HAL) has extended the tenure of the firm's chairman and managing director.

What Happened: The Bangalore-based Indian public sector defence firm has extended the tenure of C B Ananthakrishnan as the chairman and managing director, the company said in a press release on Wednesday.

HAL said it had received the approval of the Ministry of Defence for the extension of Ananthakrishnan's office by one month. This comes into effect from August 1. Ananthakrishnan also serves as the director (finance) of the company.

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Additionally, the company also notified of changes in its senior management. Suneel Kumar Srivastava, DK Srivastava and Chandrakanth K have retired as general managers. Bibhuti Bhusan Mallick has also retired as the chief of projects, Korwa.

Earlier this month, HAL signed a revised memorandum of understanding (MoU) with the Aeronautical Development Agency. 

The revised MoU was related to the finalisation of the development of the latest version of the Tejas light combat aircraft, aiming for operational clearance during the full-scale engineering development phase-3 of the program, which is valued at ₹2,970 crore.

Price Action: Shares of HAL were up 0.26% at ₹4,966.30 on Wednesday.

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