HAL stock in focus after India, France begin talks for ₹50,000-crore Rafale Marine fighter jet deal

HAL stock in focus after India, France begin talks for ₹50,000-crore Rafale Marine fighter jet deal/AP

Dil Bar Irshad | May 28, 2024 | 04:44 PM IST | Breaking News | Follow on Google News

HAL stock in focus after India, France begin talks for ₹50,000-crore Rafale Marine fighter jet deal

HAL stock in focus after India, France begin talks for ₹50,000-crore Rafale Marine fighter jet deal

Mint

The shares of defence and aerospace company Hindustan Aeronautics Limited (HAL) are likely to remain in focus among market investors on Wednesday after contract negotiations for the ₹50,000 crore deal between the governments of India and France, involving 26 Rafale Marine fighter jets are set to commence on May 30 with the arrival of a high-level French delegation, according to a report by news agency ANI. 

HAL stock closed Tuesday’s trading session in the red, down 2.53 per cent to ₹5,012 per share.

The French team will meet with their counterparts from the Indian Defence Ministry to start official negotiations for the Indian Navy’s acquisition of these aircraft, which will be operated from both of the Navy’s aircraft carriers, according to defence industry officials, as quoted by ANI..

The French delegation will include representatives from their defence ministry and industry, including officials from Dassault Aviation and Thales, the original equipment manufacturers.

Members from the defence acquisition wing and the Indian Navy will participate in the negotiations on the Indian side.

Government sources indicate that efforts will be made to conclude the negotiations and sign the agreement by the end of the financial year.

France had responded to India’s tender for 26 Rafale Marine jets for the aircraft carriers INS Vikrant and INS Vikramaditya in December.

France submitted the response to India’s Letter of Acceptance in New Delhi.

Indian officials have reviewed the French bid, including the commercial offer and other contract details. The negotiations will be conducted as a government-to-government contract, with Indian officials aiming for rigorous discussions with their French counterparts.

The Navy Chief has instructed his team to expedite the project’s timeline to ensure the early finalisation and induction of the aircraft into the fleet.

(With inputs from ANI)

Dil Bar Irshad

Dil Bar Irshad is a seasoned journalist, hails from Jammu Kashmir's Doda, covers political, social, business stories, index stories.