HAL targets turnover of $6 billion in the coming decade: Ashok Nayak

New Delhi: Indian state-owned aerospace giant, the Hindustan Aeronautics Ltd (HAL) is targeting a place amongst the top twenty global defence companies, according to chairman, Ashok Nayak. He said the defence public sector unit is looking at achieving a turnover of $6 billion over the coming 10 years.

With a turnover of $2 billion, the company is currently ranked 34th. 

Speaking at the 4th international conference on 'Energising Indian Aerospace Industry: Partnerships, Opportunities & Challenges,' Nayak said the growth in India's aviation sector would act as an opportunity for HAL to meet its growth objectives.

The conference was organised jointly by the CII and the Centre for Air Power Studies.

Also, speaking at the same function, air marshal PK Barbora PVSM VM ADC, vice chief of air staff, said India needed to take bold steps in FDI policy for the defence sector. In this regard he mentioned that offset obligations should be instrumental in inviting technology to the country.

 According to the air marshal, the country needed a defence policy which would leverage global interdependence in the most optimal way. He also mentioned that the private sector must be allowed a freer hand to access overseas market and be burdened with fewer regulations.