Indian manufacturer Hindustan Aeronautics Ltd (HAL) is planning an IPO, although no date has yet been set.  The state owned company follows a number of others which the Indian Government have floated in recent years.  The move is being promoted as necessary from a corporate governance position, but it is also seen as a way of raising finance for HAL’s ambitious expansion program.

The company plans to produce 1,500 helicopters in the next 10 years, including 100 Dhruv advanced light helicopters, more than 300 light utility helicopters and 400 multi-role helicopters, Soundara Rajan, HAL’s director of corporate planning and marketing, said at the IPO press conference.

The Indian government raised 152 billion rupees by selling 10% of Coal India last October, and further offerings are planned for both the Steel Authority of India Ltd and Oil and Natural Gas Corp – which itself owns a large proportion of helicopter operator Pawan Hans.