Bharat Electronics secures ₹1,155-crore orders amidst surge in indigenous defence production
Bharat Electronics secures ₹1,155-crore orders amidst surge in indigenous defence production
Bharat Electronics Limited (BEL), a prominent public sector company, has announced securing orders worth ₹1,155 crore in two separate deals, showcasing the surge in India's indigenous defence production.
Significant Orders Secured by BEL
BEL received a substantial order of ₹850 crore from Cochin Shipyard Limited (CSL) to supply an indigenous multi-function X-Band radar. Additionally, BEL secured orders worth ₹305 crore for various naval systems, including navigational complex systems for ships, thermal imagers, communication equipment, fire control, and gun control systems, along with spares and services. This announcement was made in a recent stock filing by the company.
Indigenous Radar Development
The X-Band radar, ordered by CSL, is fully indigenous and designed by the Defence Research and Development Organisation (DRDO). It will be manufactured by BEL and is capable of detecting, acquiring, and tracking airborne targets, providing crucial protection to naval ships.
Current Fiscal Year Performance
With these new orders, BEL's total order book for the current fiscal year has reached ₹7,075 crore. This achievement aligns with the company's strategic focus on boosting India's defence manufacturing capabilities.
Government's Defence Manufacturing Targets
The Indian government aims to achieve ₹175,000 crore in indigenous defence manufacturing this fiscal year, including ₹35,000 crore in defence exports. Over the past few years, several policy initiatives have been introduced to promote indigenous defence production.
Growth in Defence Production and Exports
India reported a total defence production value of ₹126,887 crore, reflecting a 17% increase from the previous fiscal year. Defence exports also saw a significant rise, valued at ₹21,083 crore in FY24, marking a 32.5% growth from ₹15,920 crore in FY23. Notably, defence exports have grown 31 times over the past decade.
Stock Market Impact
Following the announcement, Bharat Electronics' shares saw an uptick of 1.35%, while the Nifty index increased by 0.1%.
Conclusion
These developments underscore India's growing capabilities in indigenous defence manufacturing and the increasing global demand for its defence exports. Bharat Electronics continues to play a pivotal role in advancing the nation's defence infrastructure and capabilities.
