Last Updated:
Tejas programme, backed strongly by Defence Ministry and the IAF, is seen as a key step in India’s self-reliance in defence manufacturing
Representational Image
Defence stocks, including Hindustan Aeronautics Ltd (HAL) and Bharat Dynamics Ltd (BDL) rallied on Wednesday after the government cleared a major deal worth Rs 62,000 crore for the Indian Air Force (IAF) to acquire 97 LCA Tejas Mark 1A fighter jets.
HAL shares climbed 3.5% to a day’s high of Rs 4,611.60 on the BSE, while BDL gained 1.35% to Rs 1,570.45. The approval, cleared at a high-level government meeting, paves the way for HAL to begin production of the aircraft.
This is the second big order for the Tejas Mark 1A. The first, placed a few years ago, was for 83 jets worth nearly Rs 48,000 crore. With the latest deal, the IAF’s order book now stands at 180 Tejas fighters, which will replace the ageing MiG-21 fleet being phased out in the coming weeks, defence officials said.
The Tejas programme, backed strongly by the Defence Ministry and the IAF, is seen as a key step in strengthening India’s self-reliance in defence manufacturing. It is also expected to create opportunities for hundreds of small and medium enterprises in the supply chain.
Prime Minister Narendra Modi has been a vocal supporter of the indigenous fighter project. He became the first Indian PM to fly in a combat aircraft when he undertook a sortie in the trainer variant of Tejas, later describing the experience as “enriching” and a testament to India’s defence capabilities.
The latest order comes alongside other approvals worth Rs 1.6 lakh crore by the Defence Acquisition Council, including the purchase of 156 LCH Prachand helicopters and upgrades for 84 Su-30MKI fighters.
Inducted into service in 2016, Tejas is currently flown by two IAF squadrons. With the new order, the Mark 1A variant is set to form the backbone of the IAF’s fighter fleet in the years ahead. Deliveries from the earlier order of 83 jets, worth Rs 36,468 crore, are scheduled to start from February 2024, adding to HAL’s production pipeline.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
Read More
