//Defence Express Correspondent//
Bengaluru, March 2016:Government owned HAL has made a massive contribution of Rs 4284 crores to the Nation as buyback of 25% of the share capital and free reserves from HAL.
“This is apart from a dividend of Rs 510 crores paid during 2015-16. We are proud to contribute to the nation such a significant amount of Rs.5879 crores (including tax) in the Platinum Jubilee Year”, says T. Suvarna Raju, CMD, HAL who presented the cheque to Defence Minister Manohar Parrikar at the on-going DefExpo at Goa.
The total contribution of the company from 1973-74 till date works out to of Rs 12333 crores. This is 26 times of the amount invested. The performance needs to be seen against the background that HAL has been the back-bone of India’s Defence Forces ever since its inception, he said, adding that this includes buyback, dividend and relevant taxes.
HAL is a 100% Government owned Defence Public Sector Undertaking. The Company’s Board had approved the buyback recently. The sales of HAL have grown at an average rate of 11% per annum in the last 10 years. The Company has so far designed and developed 15 types of Aircraft / Helicopters. The company has made strides right from overhaul and licence manufacturing to indigenous design and development of aircraft, helicopters, accessories and aerospace systems. HAL has so far produced nearly 3,900 aircraft and 4,700 aero-engines besides making sterling contributions to India’s defence and aerospace programmes.