VL E-Governance signs binding term sheet for acquisition of 26% equity stake in HETL (joint venture of Hindustan Aeronautics Limited (HAL))

VL E-Governance & IT Solutions Limited (VL E-Governance) has entered into a binding term sheet with Edgewood Ventures LLC, USA for acquisition of 26% equity stake in HAL-Edgewood Technologies Private Limited (HETL).

HETL was set-up in 2007 as a Joint Venture of Hindustan Aeronautics Limited (HAL), in collaboration with Edgewood Ventures LLC, USA and Edgewood Technologies Private Limited, Bangalore, India. HETL has developed next-generation state-of-art Mission Computer (OSAMC: Open System Architecture Mission Computer) for Military Aviation / Aircraft. The first product in its category and completely designed & developed on Indian soil. It is also an import substitution product. The product Mission Computer (OSAMC) has been patented vide patent No. 302177 and received approval under 'Make-in-India' products.

HETL is engaged in the business of design, develop, manufacture or promote high-tech projects/products to carry on the business and promote research design and development in the field of electronics, software, hardware and aeronautical system required for aviation, aerospace and satellite projects.

This is a strategic investment for the future growth opportunities in the Business of design, develop, manufacture or promote high-tech projects/products in the field of electronics, software, hardware and aeronautical system required for Aviation, Aerospace, Defense and Satellite projects.

The company (VLE) has over the years built vast experience and strong execution capabilities to execute large scale field level Government projects. The company shall leverage this experience and plans to Bid for New upcoming large scale Government projects, thereby enabling strong future growth roadmap.