New Delhi: Defence Minister Rajnath Singh has approved the grant of ‘Miniratna’ status Category-I for the Munitions India Limited (MIL), the Armoured Vehicles Nigam Limited (AVNL), and India Optel Limited (IOL), an official statement said on Thursday.
Congratulating the three defence public sector undertakings for their transformation from a government organisation to a profit-making corporate entity in a short span of three years, the minister expressed satisfaction over the initiatives taken by the management of the MIL, the AVNL, and the IOL to increase the turnover of the companies, maximise indigenisation, and meet other performance parameters for the grant of Miniratna status.
Munitions India Limited has achieved significant milestones after its inception, including stellar growth of over 200 per cent in sales from Rs 3,314 crore in 2021-22 to Rs 8,214 crore in FY 2024-25. On the export front, it has achieved a growth from Rs 22.55 crore in FY 2021-22 to Rs 3,081 crore in FY 2024-25. 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 of about 190 per cent in sales from Rs 2,569.26 crore in 2021-22 to Rs 4,946 crore in FY 2024-25. AVNL has also achieved 100 per cent indigenisation of engines for all its three platforms– the T-72 and T-90 tanks and BMP-II. The major products of AVNL include tanks and infantry combat vehicles, 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 crore in 2021-22 to Rs 1,541.38 crore in FY 2024-25, a growth of over 250 per cent. The main products of IOL include opto-electronic systems and vision equipment, which are used in land system platforms & weapons like T-90 and T-72 tanks, infantry combat vehicle BMP-II, artillery/naval guns, etc.
The conferring of Miniratna status to the MIL, the AVNL, and the IOL will further empower these companies to achieve an accelerated growth trajectory and new heights in defence production and exports, the official statement said.
To enhance functional autonomy, efficiency and unleash new growth potential and innovation, the erstwhile Ordnance Factory Board (OFB) was converted into seven defence public sector undertakings (DPSUs), including these three companies, with effect from October 1, 2021. While the MIL and the AVNL are Schedule ‘A’ new (DPSUs), the IOL is a Schedule ‘B’ DPSU under the administrative control of the Department of Defence Production.
(IANS)
