* The Defence Ministry has issued a ~₹1 lakh crore tender for 60 multirole transport aircraft for the Indian Air Force, aimed at modernising/replacing the ageing AN-32 transport fleet and strengthening strategic airlift capabilities. The programme is expected to be Indiann* The Defence Ministry has issued a ~₹1 lakh crore tender for 60 multirole transport aircraft for the Indian Air Force, aimed at modernising/replacing the ageing AN-32 transport fleet and strengthening strategic airlift capabilities. The programme is expected to be Indian industry led, with $HAL, Tata and Mahindra among the companies in the race. * Major opportunity for Indian defence aerospace players: Around 20% of aircraft are expected to come in fly-away condition, while the remaining ~80% will be manufactured in India with >60% indigenous content, potentially creating a sizeable domestic manufacturing and supply-chain opportunity. Mahindra Defence has partnered with Embraer for the C-390, while Tata is linked with Lockheed Martin for the C-130J; HAL is also part of the programme. The aircraft could additionally have roles such as troop/cargo movement and potentially aerial refuelling. Market impact: Positive for HAL, Tata group defence/aerospace entities and Mahindra Defence, although the tender is still at the bidding stage, so the ₹1 lakh crore should not be treated as an order win for any company yet.

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