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The Union Cabinet today approved the setting up of a Joint Venture Company by Hindustan Aeronautics Limited (HAL), a Defence PSU, with M/s. SNECMA Moteurs, France with an initial investment of Rs.50 crores. It also gave its approval for 50 : 50 equity participation by the two partners for the Joint Venture Company.
It will lead to outsourcing of aero engine components by HAL and SNECMA at competitive rates; increase in export potential from the JVC; introduction of advanced technologies and management practices and inflow of FDI and employment generation for Indian nationals.
YSR/DS/HS/LV
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