HAL & GE Aviation ink 5-year deal for forgings supply worth Rs 100 crore
On Thursday, Hindustan Aeronautics Limited announced that it has signed a contract with GE Aviation for the development & supply of ring forgings for GE Aviation military and commercial engine programmes.
The five-year contract valued at over Rs 100 crore involves supplying both steel and nickel alloy forgings for shrouds, cases, rings & seals. The award of the contract followed HAL's successful bidding in GE's global request for quotes (RFQ).
The ring forgings will be manufactured at HAL's newly-established, state-of-the-art ring rolling facility at the company's Foundry & Forge Division in Bengaluru. The division has obtained GE Aviation approvals, after a rigorous audit process, for its quality system and special processes.
In addition, the company announced that it has signed a memorandum of understanding (MoU) with MIDHANI at the ongoing Aero India 2021, for the development & production of composite raw materials, marking the first instance such as an MoU that has been signed for composite raw materials. There is no equivalent proven Indian approved/qualified supplier for various types of Prepregs (carbon, Aramid, glass types, etc.) for the Aircraft applications, which creates a dependency on foreign OEMs for the same.
On Thursday, the stock of Hindustan Aeronautics Limited closed at Rs 976.15 per share, up by 1.18 per cent or 11.35 per share. The 52-week high is recorded at Rs 1,423.55 while its 52-week low is Rs 448 on BSE.