At around 11.48 am, the company's stock was trading at Rs98 per piece, higher by nearly 1% on Sensex.
Arvind Singh, Chairman, AAI exuded optimism that the partnership between the two organisations would prove to be a game-changer in the Indian aviation sector in the years to come. He also said that the manufacturing of Communication, Navigation & Surveillance (CNS) equipment in India will reduce the cost substantially and will save foreign exchange outflow, paving the way for an "Atmanirbhar Bharat".
While M V Gowtama, CMD, BEL affirmed that the MoU would provide for synergy of capabilities of both the organisations in their respective domains, leading to mutually beneficial and lasting solutions in the ever-growing field of aviation. He also said that with the skills and expertise of AAI, BEL is hopeful of entering into the domestic civil aviation market as well into the South-East Asian, African and Latin American civil aviation markets.
According to the MoU, AAI, playing the role of a development partner, will render assistance to BEL in its domain of expertise to enable execution of the prestigious MEA projects outside India by BEL.
The duo will also work in close co-operation with each other in the field of civil aviation, in both present and future projects handled by BEL