Three Defence Public Sector Undertakings Get Miniratna Status
Defence Minister Rajnath Singh has granted 'Miniratna' status to Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL), and India Optel Limited (IOL).
Defence Minister Rajnath Singh has approved the grant of "Miniratna" status Category-I for Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL) & India Optel Limited (IOL), the Ministry of Defence said in a press release.
Congratulating these Defence Public Sector Undertakings (DPSUs) for their transformation from a government organization to a profit making corporate entity in a short span of three years, Defence Minister expressed his satisfaction over the initiatives taken by the management of MIL, AVNL and IOL to increase the turnover of the company, maximize indigenisation and meet other performance parameters for grant of Miniratna (Category-I) status.
Munitions India Limited has achieved significant milestones after inception, including stellar growth in sales from Rs 2571.6 Cr in 2021-22 (H2) to Rs 8282 Cr (provisional) in FY 2024-25. On the Export front, MIL has achieved a growth from Rs 22.55 Cr in FY 2021-22 (H2) to Rs 3081 Cr in FY 2024-25 (Provisional). The major products of MIL include small, medium and high calibre ammunition, mortars, rockets, hand grenades etc. with in-house manufacturing of initiatory compositions, propellants and high explosives.
Armoured Vehicles Nigam Limited has witnessed a significant growth in sales from Rs 2569.26 Cr in 2021-22 (H2) to Rs 4986 Cr (provisional) in FY 2024-25. AVNL has also achieved 100 percent indigenization of Engines for all the 3 platforms viz. T-72, T-90 and BMP-II. The major products of AVNL include Armoured/ Combat Vehicles (T-90, MBT Arjun, Infantry Combat Vehicles 'BMP-II Sarath' etc.), support vehicles (MPV, AERV etc.) and Defence mobility solutions (Stallion, LPTA etc.)
India Optel Limited, over the past three years, has pushed its sales from Rs 562.12 Cr in 2021-22 (H2) to Rs 1541.38 Cr (provisional) in FY 2024-25. The main products of IOL include Opto-Electronic systems and vision equipment which are used in land system platforms and weapons like battle tanks T-90, T-72, Infantry Combat Vehicle BMP-II, Artillery Guns, Naval Guns etc.
The bestowal of Miniratna status to MIL, AVNL and IOL will further empower these companies to achieve accelerated growth trajectory and new heights in defence production and exports.
To enhance functional autonomy, efficiency and unleash new growth potential and innovation, erstwhile Ordnance Factory Board (OFB) was converted into seven Defence Public Sector Undertakings, including these three DPSUs w.e.f. October 1, 2021. While MIL and AVNL are Schedule 'A' new Defence Public Sector Undertaking (DPSU), IOL is a Schedule 'B' DPSU under the administrative control of Department of Defence Production (DDP).
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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