SkyPulse Solutions IFSC Private Limited and Hindustan Aeronautics Limited (HAL) have signed a Memorandum of Understanding (MoU) for a proposed 30-helicopter programme valued at approximately ₹2,491 crore. The agreement will cover the acquisition, financing, leasing, deployment and lifecycle support of HAL-manufactured helicopters.
Under the proposed programme, SkyPulse plans to acquire up to 30 helicopters in phases, comprising a mix of single-engine and twin-engine platforms. The programme is planned in two stages, with 10 helicopters expected to be acquired between 2027 and 2029, followed by 20 additional helicopters from 2030 onwards.
The first induction is currently planned for FY 2027-28. The timing of subsequent deliveries will depend on production availability, customer requirements, financing arrangements, certification and regulatory approvals. The final mix of helicopter models will be decided based on technical requirements, operational needs and commercial terms.
The MoU brings together HAL’s helicopter manufacturing and engineering capabilities with SkyPulse’s aviation leasing, financing and asset management platform at GIFT City IFSC. The companies will explore financing and leasing structures including finance leases, operating leases, direct purchases, sale-and-leaseback arrangements and other financing models.
The proposed programme is aimed at increasing the use of Indian-manufactured helicopters across several civil, government and mission-critical applications. Potential areas include emergency medical services, disaster response, search and rescue, regional connectivity, tourism, pilgrimage, government aviation, infrastructure services and charter operations.
The partnership will also explore an integrated support system covering spare parts, maintenance, engineering services and training. HAL and SkyPulse will work towards providing operators with technical and maintenance support throughout the operating life of the helicopters.
The collaboration is also expected to create opportunities for employment and skill development in helicopter operations, engineering, maintenance and MRO activities. A Joint Working Group may be established to assess technical, commercial, financing and implementation requirements for the programme.
Gagan Jacobs, Director, SkyPulse Solutions IFSC Private Limited, said, “This MoU marks an important step towards building a commercially sustainable civil helicopter ecosystem in India. By bringing together HAL’s indigenous helicopter capabilities with SkyPulse’s leasing and financing platform at GIFT City, we aim to create a scalable model for the acquisition, deployment and lifecycle support of Indian-manufactured helicopters. The proposed 30-helicopter programme has the potential to generate economic activity beyond aircraft acquisition, supporting skilled employment, training, maintenance, engineering and other aviation services.”
Raju Ranjan Thakur, General Manager (Marketing), Hindustan Aeronautics Limited, said, “The cooperation with SkyPulse provides a framework to explore new leasing, financing and mission-support solutions for HAL’s helicopter platforms. By combining HAL’s indigenous manufacturing and engineering capabilities with SkyPulse’s aviation leasing and financing expertise, the collaboration aims to facilitate wider deployment of HAL helicopters across commercial, governmental and public-service applications. It also provides an opportunity to strengthen lifecycle support, training and MRO capabilities.”
The programme is expected to support helicopter operations in areas including corporate mobility, pilgrimage travel, regional passenger services under UDAN, helicopter emergency medical services and tourism. According to the companies, the deployment of the proposed 30 aircraft could support 450 direct high-skilled aviation positions, representing an estimated 1,350 direct job-years during the rollout period. The programme is also projected to support 2,745 jobs across the wider economy, amounting to an estimated 8,235 total job-years. These estimates are based on aviation-sector employment multipliers.
The MoU sets out a framework for cooperation between the two companies. Specific procurement, leasing, financing, maintenance and mission-support arrangements will remain subject to technical, commercial and financial evaluations, regulatory and internal approvals, financing arrangements and the execution of definitive agreements.
Hindustan Aeronautics Limited (HAL) is a Maharatna public sector undertaking under the Ministry of Defence, Government of India. The company is engaged in the design, development, manufacture, repair, overhaul and lifecycle support of aircraft and helicopters.
SkyPulse Solutions IFSC Private Limited is an Indian IFSC company registered as an aircraft leasing company with the International Financial Services Centres Authority (IFSCA). Based in GIFT City, the company focuses on aviation leasing, financing and asset management, with a focus on aircraft deployment and lifecycle management in the Indian aviation sector.
