HFCL approves ₹89.25cr investment to hold over half in HASPL
HFCL Ltd is making a big move to upgrade its defense and aerospace game by approving an investment of ₹89.25 crore in HFCL Advance Systems Private Ltd (HASPL), as part of a broader ₹175 crore investment round involving several investors.
After this shake-up, HFCL will own just over half of HASPL, while ITI Holdings and other investors hold the rest.
The goal? Smoother operations and a stronger presence in the defense sector.
HFCL transfers defense businesses to HASPL
Along with the investment, HFCL is selling up to 80% of Raddef Private Ltd to HASPL for ₹75 crore and transferring its thermal weapon sight business for ₹50 crore.
HASPL will also pick up new businesses, including one with a hefty export order book, giving it more firepower globally.
The company's shares even jumped nearly 5% after these announcements, showing investors are paying attention.