HAL, ONGC sign long-term business agreement

Wednesday, 11 June 2003, 19:30 IST
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NEW DELHI: State-owned majors Hindustan Aeronautics Limited (HAL) and Oil and Natural Gas Commission (ONGC) have signed a long-term agreement for the overhaul and repair of the latter's Industrial Avon gas turbines. The agreement signed last week in Mumbai will run for five years, said a spokesman for the defence ministry Tuesday. Bangalore-based HAL, a leading manufacturer of military aircraft that has produced frontline jets like the Russian-designed MiG-series, has considerable experience with gas turbine engines. HAL managing director A.K. Saxena and ONGC executive director Kharak Singh said this was the first time two leading public sector undertakings had come together to forge a long-term business relationship. They expressed satisfaction at the mutually beneficial cooperation and said the agreement would open up new business avenues.
Source: IANS
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