A Memorandum of Understanding (MoU) for the research and manufacture of aerospace grade steel alloys was signed by Bharat Forge, Hindustan Aeronautics (HAL), and Saarloha Advanced Materials at Aero India.
Bharat Forge said that it has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics (HAL) and Saarloha Advanced Materials for the development and production of aerospace grade steel alloys, at Aero India.
In an exchange filing, the company said, Hindustan Aeronautics, Foundry & Forge Division, Saarloha Advanced Materials & Bharat Forge sign MOU for collaboration in development and production of aerospace grade steel alloys.
A step towards AtmaNirbhar Bharat, this MoU will open many other avenues for not only HAL & Saarloha, but many other companies which may be benefitted due to development of Aerospace grade steel bars in country.
R K Goyal, Director of Saarloha said, Aerospace grade steel alloys production & component qualification process contain stringent testing parameters which also includes long tests on actual operations.
Manufacturing of specialty steel would play a significant role in realizing the success of national aerospace & defense programs under `Atmanirbhar Bharat' initiative.
Due to this such alloys are getting imported which creates dependency on foreign steel, manufacture, Bharat forge stated in the press release.
HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme.
As of 31 December 2022, the Government of India held 75.15% stake in the company.
Saarloha Advanced Materials (Saarloha) is part of the $3 billion Kalyani Group. Saarloha is one of the leading producers of wide variety of specialty steels for critical end-use applications such as Defense, Aerospace, Auto, Nuclear etc.
Shares of Bharat Forge added 0.06% to Rs 857.20 while HAL gained 2.23% to Rs 2,725.75 on the BSE.