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.