HAL inks pact with Pratt & Whitney

BANGALORE: Hindustan Aeronautics Ltd has entered into an agreement with global aircraft engine major Pratt & Whitney to manufacture engine components in Orissa.

The India aeronautical major would set up a Rs 100 crore plant at Koraput in the state and is expecting an annual business of USD 500 million in ten years from this initiative.

HAL Chairman and Managing Director Ashok K Baweja told a press conference here that Pratt & Whitney's contribution to the venture would be in terms of "intellectual" by way of technical and training support.

"We will invest USD 20 million (Rs 100 crore) to set up the plant at Koraput," Baweja said, adding "we are expecting a business of USD 50 million initially and USD 500 million annually in ten years".

He said with the current orderbook position of Rs 28,000 crore and robust financial health, the company was poised to achieve a turnover of more than USD three billion in the next five years.

"We are expecting a turnover of close to Rs 7,000 crore this year (2006-07), up from Rs 5,375 crore in the previous year," he said.