Aerolloy Technologies Ltd and Safran Aircraft Engines sign MOU to develop robust domestic Defence Aerospace Ecosystem in India

India-based Aerolloy Technologies Limited (ATL) and Safran Aircraft Engines announce the signature of a Memorandum of Understanding (MOU) to develop cooperation on the manufacturing of components and materials for military aircraft engines.

ATL is a wholly owned subsidiary of PTC Industries Limited, specialized in the manufacturing of castings and materials for aerospace applications. Safran Aircraft Engines is engaged, inter alia, in the design, development, production, and maintenance of civil and military engines.

This MOU reflects a commitment to the Indian Government's "Make in India" policy, marking additional steps toward Safran Aircraft Engines' ambition to develop a comprehensive aeroengine ecosystem in India, and ATL's growing role in the indigenous production of critical aerospace components as well. Based on an approach considering the aeronautics ecosystem from a global civil and military perspective, such cooperation for military aircraft engines is actually made possible thanks to the collaboration already implemented over the years between ATL and Safran Aircraft Engines for commercial LEAP engines. Both teams look forward to further developing this partnership, whose purpose is to serve India's defence current and future needs.

Commenting on the development, Mr. Sachin Agarwal, Chairman and Managing Director of PTC Industries, said: "This Memorandum of Understanding between Aerolloy Technologies Limited and Safran Aircraft Engines marks a significant step towards enhancing India's indigenous capabilities in military aircraft engine manufacturing. It aligns with the "Make in India" initiative, fostering collaboration and innovation in the aerospace sector while addressing the defence needs of the country. The ongoing partnership for commercial LEAP engines lays a strong foundation for this expanded cooperation."

Shares of PTC Industries Ltd was last trading in BSE at Rs. 14767.70 as compared to the previous close of Rs. 14068.65. The total number of shares traded during the day was 3096 in over 1061 trades.

The stock hit an intraday high of Rs. 14850.95 and intraday low of 13907.65. The net turnover during the day was Rs. 45056929.00.

Source : Equity Bulls

Keywords

PTCIndustries INE596F01018 AerolloyTechnologies SafranAircraftEngines MoU