March 11, 2018

Hindustan Aeronautics IPO Opens 16/03/18

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Hindustan Aeronautics Limited was originally established in 1940 ( during Second World War ) in  the private sector by the legendary Indian industrialist Walchand Hirachand of HCC ,Premier Auto ( Fiat cars ) . Ravalgaon Sugar etc.

Hindustan Aeronautics was nationalised , in 1942, during British Times.

With with current IPO  leading to partial privatisation , the clock seems to have turned a partial circle. 


HAL was established as Hindustan Aircraft Limited in Bangalore on the 23 December 1940 by Walchand Hirachand who became Chairman of the company. The companies office was opened at a bungalow called "Eventide" on Domlur Road.
The organisation and equipment for the factory at Bangalore was set up by William D. Pawley of the Intercontinental Aircraft Corporation of New York, who had already established Central Aircraft Manufacturing Company (CAMCO) in partnership with Chinese Nationalist government. Pawley obtained a large number of machine-tools and equipment from the United States.
The Indian Government bought a one-third stake in the company and by April 1941 by investing 25 lakhs as it believed this to be a strategic imperative. The decision by the government was primarily motivated to boost British military hardware supplies in Asia to counter the increasing threat posed by Imperial Japan during Second World War. The Kingdom of Mysore supplied two directors, Air Marshal John Higgins was resident director. The first aircraft built was a Harlow PC-5[4] On 2 April 1942, the government announced that the company had been nationalised when it had bought out the stakes of Seth Walchand Hirachand and other promoters so that it could act freely. The Mysore Kingdom refused to sell its stake in the company but yielded the management control over to the Indian Government.
In 1943 the Bangalore factory was handed over to the United States Army Air Forces but still using Hindustan Aircraft management. The factory expanded rapidly and became the centre for major overhaul and repair of American aircraft and was known as the 84th Air Depot. The first aircraft to be overhauled was a Consolidated PBY Catalina followed by every type of aircraft operated in India and Burma. When returned to Indian control two years later the factory had become one of the largest overhaul and repair organisations in the East. In the post war reorganisation the company built railway carriages as an interim activity.


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