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BEL bags Navratna status

Posted: 26 Jun 2007     Print Version  Bookmark and Share

Keywords:BEL  DRDO  radar  aerospace  military communication 

Bharat Electronics Limited has been formally conferred the Navratna status by the Finance Minister, P Chidambaram, at an investiture ceremony held at New Delhi. By becoming a Navratna PSU, BEL will have greater financial and operational autonomy.

BEL manufactures a wide range of products in the areas of military communication, radars, naval systems, telecom & broadcast, electronic warfare, tank electronics, opto-electronics, professional electronic components and solar photovoltaic systems. BEL became a Mini Ratna Category I company in February 2002 and has now been elevated to a Navratna based on its consistent performance.

V.V.R. Sastry, chairman and managing director of BEL, says, "We are delighted. It is recognition of the company's inherent strengths in R & D, manufacturing, quality and thrust on self-reliance. It is also a recognition of the company's ability to face global competition and become an international player."

The eligibility for considering a PSU for Navratna status is that it should be a Mini Ratna I, Schedule 'A' company and have obtained 'excellent or 'very good' MoU rating in three of the last five years and a composite performance score of 60 or above on various financial parameters for the last three years including net profit to net worth, manpower cost to total cost of production, PBDIT to capital employed, PBIT to turnover and earning per share.

Starting in 1954 with a single unit at Bangalore to meet the defence electronics requirements of the Indian Armed Forces, BEL now has nine Units spread across the country. The company has grown steadily over the years to register a CAGR of around 15 per cent in the last 5 years. During 2006-07, BEL recorded a turnover of Rs.3960.38 crores (provisional), PAT of Rs.713.85 crores (provisional), 81 per cent of the turnover accrued from products of indigenous design, which included BEL's own R&D efforts and its collaboration with DRDO labs. BEL spends nearly 5 per cent of its turnover on R&D. This PSU is constantly innovating and coming out with new products to meet customers' requirements.

BEL was also ranked first among mid-size aerospace/defence companies worldwide by Aviation Week and Space Technology for 2004 and 2005.

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