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The Ministry of Defence has approved disinvestment of 10 per cent government holding in Hindustan Aeronautics Ltd, it is learnt.
A top official privy to the decision told Business Line , “It is obviously not going to be an IPO and not meant for public [retail] investors. We need to verify the exact modality yet.”
At the moment it is not yet clear if the first move towards offloading Government stock in Asia's largest aircraft company would involve only domestic institutional investors (DIIs).
MoD sources did not confirm or deny the information. This would be the earliest decision that has to clear two to three more levels.
The defence enterprise that builds military aircraft on its own and on licence from global giants had a 2010 turnover topping Rs 12,000 crore and is owned entirely by the Government of India. Over the next 10 years, it has budgeted Rs 20,000 crore to upgrade its facilities across nine centres.
Some two years back, an expert group in the Government had suggested disinvestment in in HAL.
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