Hindustan Aeronautics appointed Shri Anindya Biswas, DS & DG (Aero) at the Defence Research and Development Organisation (DRDO), as a Part-time Official Director effective October 7, 2026. This appointment replaces Dr. K Rajalakshmi Menon, whose nomination was withdrawn by the Ministry of Defence.

The Board of Directors approved the change based on a letter from the Department of Defence Production, Government of India, dated October 1, 2026. Biswas will serve until further orders from the Ministry of Defence, subject to shareholder approval in a General Meeting. He is not related to any other director of the company and holds no shares in Hindustan Aeronautics.

Director transition details

The cessation of Dr. K Rajalakshmi Menon occurred on October 7, 2026, after serving as a Non-Executive Director since September 13, 2024. Her exit was not a resignation but a withdrawal of nomination by the Ministry of Defence. Biswas joins as a Non-Executive Director representing the government nominee category.

Background of incoming director

Shri Anindya Biswas joined DRDO in 1992 and has contributed to the indigenous design and development of various missile systems. His work spans glide bombs, anti-radiation missiles, surface-to-air missiles, ballistic missile defence, and unmanned aerial vehicle launched missiles. He holds a graduation in Electronics and Telecommunications from Bengal Engineering College, Shibpur, and an M.Tech in Electronics and Communication Engineering from IIT Kharagpur.

Biswas has been conferred with the DRDO Young Scientists Award and the Scientist of the Year Award for his contributions to state-of-the-art avionic sub-systems. The company noted his role in establishing agile work cultures for developing disruptive technologies for futuristic weapon systems.

Hindustan Aeronautics Limited has entered into an agreement to acquire the remaining 50% equity stake in HATSOFF Helicopter Training Pvt. Ltd. from M/s CAE, Canada, at nil consideration. This transaction converts the existing joint venture into a 100% wholly owned subsidiary of HAL.

The acquisition involves 3,84,04,205 equity shares with a face value of ₹10 each. Upon completion, expected within 60 days of signing the Share Transfer Agreement, HAL will gain full management control over the entity. The move aims to streamline decision-making processes within the helicopter training segment.

Transaction Details and Regulatory Approvals

The company disclosed the development under Regulation 30 of the SEBI (LODR) Regulations, 2015. Since HAL already held a 50% stake, HATSOFF qualified as a related party under SEBI guidelines. The filing explicitly states that the transaction is not at arm's length due to its related-party nature.

HAL has secured administrative approval from the Ministry of Defence (MOD-DDP) and concurrence from the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance. These approvals are necessary for acquiring full stake and converting the joint venture into a wholly owned subsidiary.

Financial Profile of HATSOFF

HATSOFF operates as a service provider offering simulator-based training for military and civil helicopter pilots. The entity serves key customers including the Indian Air Force, Army, Navy, Coast Guard, BSF, and civil operators like Pawan Hans Limited and Global Vectra.

As of the latest disclosure, HATSOFF reported an authorized capital of ₹76.84 crore and paid-up capital of ₹76.80 crore. The turnover for FY26 stood at ₹80.95 crore, reflecting growth from the previous fiscal year.

What the Numbers Show

A notable divergence exists between the asset base and the acquisition cost. While HATSOFF generated a turnover of ₹80.95 crore in FY26 and holds a paid-up capital of ₹76.80 crore, HAL acquired the partner's 50% shareholding for nil consideration. This structure suggests that the valuation of CAE Canada’s exit was settled through mechanisms not reflected as cash outflow in this specific agreement, or that the book value of the stake was deemed negligible relative to the strategic control gained.