New Delhi: Union Defence Minister Rajnath Singh reviewed the performance of MIDHANI (Mishra Dhatu Nigam Limited) on Tuesday. The officials of the DPSU (Defence Public Sector Undertaking) briefed the minister and senior officials of the Department of Defence Production, Ministry of Defence, about their ongoing projects and future plans.
Singh lauds MIDHANIs efforts towards indigenisation
Singh commended MIDHANIs contribution towards indigenisation in defence manufacturing and lauded the DPSU for diversifying its business to other sectors like space, energy and railways. Stressing that it can play a major role in making India self-reliant in special alloys and materials, he asked the officials to focus more on innovation and R&D. He said that the DPSU has a unique place among defence companies with its specialised product profile and customers, with a lot of potential for exports.
MIDHANI has performed well over the last five years. The companys value of production has increased by around 27 percent from Rs 640 crore in FY 14-15 to Rs 815 crore in FY 18-19. Its market capitalisation hit a peak of Rs 4,637 crore and its share price hit an all-time high of Rs 248.45 recently on February 20. The shares of MIDHANI continue to trade over and above the issue price of Rs 90 per share.
Import substitution of high-pressure discs for the compressor of Adour MK 811 engines for Jaguar fighter plane and 74 kg titanium casting for naval application are some of the prominent achievements.
Presently, more than 70 percent of MIDHANIs products (value-wise) cater to strategic customers viz. Ordnance Factory Board (OFB), Defence Research & Development Organisation (DRDO), Indian Space Research Organisation (ISRO), Hindustan Aeronautics Ltd (HAL), and Department of Atomic Energy (DAE) etc. In addition, MIDHANI also supplies special alloys and products to the commercial sector, including Larsen & Toubro, BHEL, Titanium equipment etc.