General Electric (NYSE:GE) Secures 30-year Repair, Overhaul Deal with HAL in India

General Electric Co.'s (NYSE:GE) GE Aviation announced they've signed a 30-year deal with Hindustan Aeronautics Limited (HAL) to overhaul and repair aircraft systems for the Hawk MK132, an advanced jet trainer for the Indian Air Force.

GE Aviation will "develop, supply and commission" test equipment under the terms of the licensing agreement. They'll also provide training and technical data for the equipment involved.

The deal was made in order to help shrink the time it takes to repair the GE equipment and get it operational again.

Hindustan Aeronautics Limited facility in Bangalore will be certified to do the work on instruments and hydraulics, while their facility in Korwa will be used to work on repairing avionics.

General Electric was trading at $21.10, down $0.18, or 0.82 percent, as of 2:17 PM EST.