- Hindustan Aeronautics Ltd. (HAL) has not received official notification on the 114 Rafale jets project
- Media reports claim Defence Acquisition Council approved Rs 3.25 lakh crore Rafale procurement deal
- Deal includes 20 fly-away jets by 2030 and 94 jets for indigenous production with Dassault Aviation
Amid media reports of a massive 114 Rafale fighter jets, Hindustan Aeronautics Ltd. (HAL) has issued a formal clarification to the exchanges, stating that the company has yet to receive any official notification surrounding the project.
This comes on the back of recent media reports which suggested that the Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, had cleared the procurement of 114 Rafale jets, in what was deemed as the mother of all defence deals. The report added that the DAC had granted the Acceptance of Necessity for the multi-role fighter aircraft (MRFA) program.
The deal, which is reportedly worth around Rs 3.25 lakh crore, would involve the procurement of at least 20 aircraft in a 'fly-away' condition by 2030. The remaining 94 units were slated for indigenous production under a high-stakes collaboration between French aerospace giant Dassault Aviation and HAL.
"We would like to clarify that the Company did not receive any such official communication from the Ministry of Defence or Dassault in this regard. This is for information and record," HAL clarified in an exchange filing.
While the Indian Air Force (IAF) has long advocated for the 114-jet acquisition to arrest its dwindling squadron strength, HAL's statement suggests that the project remains in the preliminary regulatory stages.
If finalised, this "mother of all deals" would represent the largest "Make in India" initiative in the defence sector, significantly boosting domestic aerospace capabilities and securing India's air superiority for decades to come.
Shares of HAL are currently trading with gains of 0.33% at Rs 4,171, with a relative strength index of 37, which suggests neutral market sentiment.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
