New Delhi [India], November 2 (ANI): The central government has respectively received Rs 359 crore and Rs 29 crore from Hindustan Aeronautics (HAL) and Cochin Shipyards (CSL) as dividend tranches, the secretary at the Department of Investment and Public Asset Management posted on its X handle on Thursday.

A dividend is a reward companies often provide to their shareholders, though not mandatorily, from a portion of their earnings.

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Both the state-owned companies are massively into defence manufacturing.

The central government has set the target of achieving indigenous defence manufacturing worth Rs 175,000 crore including defence exports of Rs 35,000 crore by the year 2024-25.

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The government has taken several policy initiatives in the past few years and brought in reforms to encourage indigenous design, development and manufacture of defence equipment, thereby promoting self-reliance in defence manufacturing. (ANI)

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