Hindustan Aeronautics Ltd. has issued a clarification regarding media reports claiming restructuring of the Advanced Medium Combat Aircraft programme.
The defense PSU has not received any official communication in this regard and will, therefore, not comment on the reports, according to an exchange filing on Wednesday.
The AMCA is a key programme for India's indigenous defence manufacturing and primarily involves collaboration between the DRDO as the primary research and development agency and HAL as a manufacturing partner.
The recent media reports claimed that there has been a restructuring to this default structure.
News of the restructuring sent the stock market investors into a frenzy as shares declined nearly 9% within a week. On Wednesday, HAL's stock dipped as low as 8.35% intraday and closed 5.74% lower at Rs 5,213.9.
However, the company said that it had not received any communication from DRDO and reiterated the strength of its order book to revive investor confidence.
"Various media reports regarding the Advanced Medium Combat Aircraft (AMCA) programme have come to HAL's attention. HAL has not received any official communication in this regard and, therefore, is not in a position to comment on these reports at this stage... HAL would like to reiterate that it has a robust confirmed order book, providing strong revenue visibility, and a healthy production and execution pipeline extending up to 2032," the company stated.
Expanding on the details of the orderbook HAL highlighted that it is simultaneously advancing multiple strategic programmes, including the Indian Multi Role Helicopter, LCA Mk2, and Combat Air Teaming System, which will enter into production post-2032.
Further, the defense giant underlined that it is also diversifying its portfolio in the civil aviation segment with platforms such as Dhruv NG, Hindustan 228 and SJ 100, which will enhance revenue and provide sustainable growth in the future.
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