BHEL to foray into defence manufacturing sector

BHEL is stepping up its foray into the defence manufacturing sector, which has been thrown open as part of the 'Make in India' campaign and is looking for hi-tech original equipment manufacturers (OEMs) for partnership. "The 'Make in India' initiative in the defence sector is opening up large opportunities in naval, field guns and submarine segments and BHEL is actively pursuing these opportunities by partnering with global OEMs," BHEL chairman and managing director B. Prasada Rao said at the 51st annual general meeting held here. Over the years, the company has made significant contributions to naval guns and Integrated Platform Management System. Briefing shareholders over the overall performance of the company, Rao said that in spite of 2014-15 being an extremely challenging financial year, BHEL secured orders worth Rs 30,814 crore, an increase of 10 per cent over the previous year, in intensely competitive domestic and overseas markets. Despite severe market shrinkage and stiff competition in the power sector, BHEL maintained its leadership position with a market share of 72 per cent for the second consecutive year. By expanding its offerings, the company secured 89 per cent of its total orders in the power sector on engineering, procurement and construction basis. At the end of the year, total orders in hand for execution in 2015-16 and beyond stand at Rs 1,01,018 crore, Rao said. ref: http://www.businesstoday.in/sectors/energy/bhel-to-foray-into-defence-manufacturing/story/224026.html