Mumbai: Indian public sector aeronautical major Hindustan Aeronautics Limited and global aircraft engine major Pratt & Whitney have signed an agreement to manufacture engine components at a new Rs100-crore plant at Koraput in Orissa.
According to Ashok K Baweja, chairman and managing director, HAL, Pratt & Whitney's contribution to the venture would be in terms of 'intellectual' inputs for technical and training support, while the Bangalore-headquartered company would make the financial investment.
HAL expects an annual business starting with $50 million initially, going up to $500 million in ten years. Baweja also said that HAL expected a turnover of close to Rs7,000 crore in 2006-07, up from Rs5,375 crore in the previous year.
HAL's current order book position is Rs28,000 crore and the public sector unit is poised to for a turnover of over $3 billion in the next five years.