Indian Defence Giants Granted 'Miniratna' Status: Fueling Growth and Innovation
Defence Minister Rajnath Singh announced the 'Miniratna' Category-I status for Munitions India Limited, Armoured Vehicles Nigam Limited, and India Optel Limited. This recognition highlights their transformation into profitable entities, significant growth in domestic and export markets, and their role in boosting indigenization and innovation in defence production.
- Country:
- India
In a significant move, Defence Minister Rajnath Singh has approved 'Miniratna' status Category-I for three key players in India's defence sector: Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL), and India Optel Limited (IOL), as confirmed by the Ministry of Defence.
Congratulating the Defence Public Sector Undertakings (DPSUs), Singh praised their rapid transition from government bodies to profit-making corporates within just three years. He lauded the efforts of MIL, AVNL, and IOL managements in boosting turnover, maximizing indigenization, and meeting the benchmarks for the esteemed status.
Munitions India Limited showed stellar growth, with sales soaring from Rs 2,571.6 crore in 2021-22 to Rs 8,282 crore in FY 2024-25. On exports, the figures rose dramatically from Rs 22.55 crore to Rs 3,081 crore. Meanwhile, AVNL's sales jumped from Rs 2,569.26 crore to Rs 4,986 crore, with complete indigenization of key platforms. IOL's sales also surged significantly, positioning these firms for further innovation and expansion.
(With inputs from agencies.)
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