HAL granted Maharatna status

Hindustan Aeronautics Limited (HAL), which has become the 14th Central Public Sector Enterprises (CPSE) to attain the Maharatna status. This milestone marks a significant achievement for HAL, which is a prominent player in the Indian aerospace and defence sector, an official press release said.

The upgrade has been approved by Finance Minister Nirmala Sitharaman, following recommendations from both the Inter-Ministerial Committee (IMC), led by the Finance Secretary, and the Apex Committee, headed by the Cabinet Secretary.

For 2023-24, HAL reported a turnover of Rs 28,162 crore and a net profit of Rs 7,595 crore, solidifying its position as a leading CPSE. This financial success is a testament to HAL’s strategic initiatives and its pivotal role in the aerospace industry.

Achieving the Maharatna status empowers HAL with enhanced financial autonomy, enabling it to make significant investment decisions without requiring prior government approval. This autonomy is expected to facilitate quicker project implementation, drive innovation, and enhance operational efficiency.

Furthermore, this status places HAL among the most influential and financially stable CPSEs, highlighting its strategic importance not only within the country but also on a global scale, the release said.

HAL plays a crucial role in India’s defence capabilities, focusing on self-reliance in military aviation. The company's developments, like the Light Combat Aircraft (LCA) Tejas and the Light Utility Helicopter (LUH), are central to modernizing the Indian armed forces. HAL’s commitment to innovation and quality has positioned it as a significant player in the global aerospace industry.

In a significant advancement for Aatmanirbhar Bharat, the Ministry of Defence (MoD) signed a contract with HAL on September 9 for 240 AL-31FP aero engines for Su-30MKI aircraft, valued at over Rs 26,000 crore. This contract underscores a commitment to indigenous manufacturing, as the engines will be produced at HAL’s Koraput Division, bolstering the Indian Air Force’s operational capabilities.

HAL aims to deliver 30 engines annually over the next eight years, with plans to enhance indigenization to 63 per cent by the programme’s completion, significantly increasing local content in repair and overhaul tasks. This initiative emphasizes collaboration with India’s defence manufacturing ecosystem, including MSMEs and both public and private sectors, reinforcing the nation’s self-reliance in defence production, the release said.