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Capital Markets

Hindustan Aeronautics' India IPO seeks to raise $651 million

Military aircraft maker selling shares amid push for local weapon making

Hindustan Aeronautics is looking to double the annual production rate of its homegrown fighter jet Tejas to 16 over the next two years.   © Reuters

MUMBAI (NewsRise) -- Indian military aircraft maker Hindustan Aeronautics aims to sell shares in an initial public offering to raise as much as 42.3 billion rupees ($651 million), as Prime Minister Narendra Modi's government lists its defense companies amid efforts to spur local weapon manufacturing.  

The IPO of state-run Hindustan Aeronautics, or HAL, which manufactures aircraft, helicopters, aero-engines and other aerospace parts, comes at a time when the south Asian nation -- the world's largest arms importer -- is banking on foreign investments and privatization to reduce the country's dependence on military imports.

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