HAL stock in focus as India, France to begin talks for ₹50,000-crore Rafale Marine fighter jet deal
Rafale Marine fighter jet deal: The French delegation will include representatives from its defence ministry and officials from Dassault Aviation and Thales, the original equipment manufacturers. The aircraft will be operated from the Indian Navy's two aircraft carriers.
The shares of defence and aerospace major Hindustan Aeronautics Limited (HAL) are likely to be in focus among market investors on Wednesday as contract negotiations between India and France for the ₹50,000-crore deal involving 26 Rafale Marine fighter jets are set to commence on May 30.
A high-level French delegation will meet the Indian Defence Ministry officials to discuss the Indian Navy's acquisition of these aircraft, 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.
Defence industry officials were quoted as saying in the report that the aircraft will be operated from both of the Navy's aircraft carriers—the Russian-origin INS Vikramaditya and the indigenous INS Vikrant.
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.
As per the report, 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)
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