Hindustan Aeronautics Limited (HAL) is planning an expansion programme and is in the process of raising funds through various routes including IPO. The company has plans a capital expenditure of ?175,000 million which is likely to spread over 5-6 . The expansion programme will entail aircraft upgrades, development of new aircraft and to modernise its manufacturing units. The company has several work orders, including production and delivery of 40 Tejas Mark-1 fighters to the IAF, eight in the limited series production for IOC (initial operational clearance) and FOC (Final Operational Clearance). Currently the company has delivered three. The company has received sanctions of funds to the tune of Rs. 10,000 million.