In a change of corporate strategy, Hindustan Aeronautics Ltd (HAL) wants to develop its own products and look for customers.
Addressing reporters at Aero India 2019, R Madhavan, Chairman and Managing Director, HAL, said: “Earlier, we were taking orders from the Indian Air Force (IAF), or based on their requirements, were developing products. Now, we want to be a product company.”
Madhavan said HAL is not interested in the Rafale project any more in the current phase. “We are not interested in offsets and direct purchases. That was the government’s decision to take it as a direct purchase and we are not interested in it. If it’s coming as a business to us, we will be interested in it.”
Responding to a query on the company’s reported “financial distress”, Madhavan said it was not true.
“We are not facing any financial crisis but there was some problem with the cash flow this fiscal; now, it has been sorted out.”
