Join Hands to Build a Smarter India: Sign in | Join now
News

HAL Disinvestment Under Consideration: Government

Monday, 07 May 2012, 21:26 Hrs
20
19
34
7
Print Email
New Delhi: The government informed parliament that it is considering a proposal to offload 10 percent equity in the strategically important Hindustan Aeronautics Limited (HAL), the country's only producer of military planes.

Defence Minister A.K. Antony said a final decision on the defence public sector's disinvestment plan will be taken after receiving the recommendations of an expert group constituted by the government for suggesting measures for strengthening and restructuring the HAL.

If the government goes through the off-loading of equity in HAL, it will become the third defence public sector undertaking after Bharat Electronics Limited (BEL) and BEML to be headed for disinvestment.

Antony also told Lok Sabha in a written reply to members' queries that the net profit of HAL after tax for 2009-10 was 1,969.41 crore, 2010-11 was 2,114.26 crore, and 2011-12 was 2,370 crore (provisional).

In September last year, Antony had given "in principle approval" to the plan to sell 10 percent stake in HAL over a five year period to mop up resources for the public sector undertaking's modernisation.

The disinvestment is expected to reduce the government burden for the 10-year 20,000 crore modernisation plans for the Bangalore-headquartered HAL, which is slated to take up new programmes with foreign collaboration in the future worth several crores.

The government had gone for 34 percent disinvestment in BEML and 25 percent in BEL.
Source: IANS
Sign Up for DailyDose and Read the Day's Highlights
Write your comment now
 
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   Events   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved