Shares of Hindustan Aeronautics (HAL) rose slightly on Friday after it announced a partnership with SAFHAL Helicopter Engines (SAFHAL).
What Happened: HAL has signed a contract with SAFHAL to design, manufacture, and provide support for a new generation high-power engine named "Aravalli", the company said in a press release.
This engine will be used for the 13-ton medium-lift class, Indian multi-role helicopter (IMRH) and the deck-based multi-role helicopter (DBMRH), both of which are being designed and developed by the Bengaluru-based firm.
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The contract was inked by S Anbuvelan, the CEO of HAL's Helicopter Complex; Olivier Savin, director of SAFHAL Helicopter Engines; and S K Mehta, director of SAFHAL Helicopter Engines and executive director (finance), HAL.
“This partnership with SAFHAL marks a pivotal moment in our journey towards achieving technological self-reliance in India’s aerospace & defence sector. The collaboration will not only ensure the operational capabilities of the IMRH and DBMRH platforms but also contribute to the broader goal of indigenous development of critical defence technologies," C B Ananthakrishnan, the chairman and managing director of HAL, said.
Price Action: HAL gained 1.64% to trade at ₹4,677.20 on Friday
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