MMTC to buy Palm Oil for LCA-Tejas barter deal with Malaysia: HAL
According to the Hindustan Aeronautics Limited (HAL) Annual report for 2020-21, MoU has been signed by HAL with MMTC who will be channelizing partner for import of palm oil, for likely countertrade for sale of LCA-Tejas to Royal Malaysian Air Force.Mini-Ratna public sector Metals and Minerals Trading Corporation of India (MMTC) is engaged in the export and trading of Minerals and import of Precious Metals Non-ferrous metals Coal & Hydro Carbons Fertilizers and Agro products and is a leading international trading company in India. Royal Malaysian Air Force’s (RMAF’s) under its Light Combat Aircraft/Fighter Lead-In-Trainer (LCA/FLIT) program is looking for initial 18 aircraft plus 8 aircraft set to be purchased from 2025 onwards.Malaysia due to its budgetary issues has expressed interest in a barter payment system by trading in Palm oil for 18 fighter jets it wants to purchase. India is the world’s largest importer of palm oil, buying more than 9 million tonnes annually, mainly from Indonesia and Malaysia.Under the FLIT-LCA program, RMAF has received proposals from Boeing T-7 Red Hawk, South Korea’s KAI FA-50, the Italian Leonardo M-346 Master, India’s HAL Tejas, China-Pakistani PAC JF-17 Thunder, China’s Hongdu L-15, and Russia’s Yakolev Yak-130, and the Czech Aero Vodochody L-39NG.
SOURCE: RAUNAK KUNDE / NEWS BEAT / IDRW