HAL, one of the oldest and largest aerospace and defence manufacturers in the world today, announced that it has signed an MoU for establishing an office in Kuala Lumpur (Malaysia).
This Malaysian office will help HAL in tapping the new business opportunities for Fighter Lead-in Trainer (FLIT) LCA and other requirements of Royal Malaysian Air Force (RMAF) like Su-30 MKM and Hawk upgrades.
The company said that HAL's office in Kuala Lumpur will take up market promotion of HAL's range of products and services not only in Malaysia but in the entire SE Asia. The office will also contribute in increasing serviceability of existing platforms being operated by RMAF and for neighbouring Air Forces in the region.
HAL had submitted a proposal to Ministry of Defence (M P EF), Malaysia in October 2021 for supply of 18 FLIT LCAs against a global ten er issued by RMAF. The final winner of the tender is expected to be declared soon by Malaysian authorities. LCA Tejas stands a fair chance of selection in the bid as it meets all the parameters sought by RMAF.
The stock price of HAL has reacted positively to this news, rising 2.6% to hit a new 52-week high at Rs.2349.90 and is now trading at Rs.2318 levels.