Bengaluru, September 15, 2023 – Bharat Electronics Limited (BEL), a leading aerospace and defence electronics manufacturer, has recently announced a significant milestone in its journey. On September 15, 2023, BEL revealed that it had successfully secured orders totaling an impressive Rs. 3,000 crore. This noteworthy achievement includes a substantial contract worth Rs. 2,118.57 crore from Cochin Shipyard, marking another stride towards bolstering India’s defence capabilities.
Empowering India’s Navy with Cutting-Edge Technology
BEL’s commitment to innovation and excellence shines brightly through its latest venture. The company is set to supply state-of-the-art, next-generation missile vessels to the Indian Navy, an endeavor valued at Rs. 2,118.57 crore. These vessels, known as Next Generation Missile Vessels (NGMV), fall under the category of anti-surface warfare corvettes and will be equipped with advanced technology, including sensors, weapon systems, fire control systems, and communication equipment.
In a statement, BEL expressed its enthusiasm, saying, “We are honored to have received an order worth Rs. 2,118.57 Crore from Cochin Shipyard Limited for the supply of various equipment essential for the six NGMVs. This order encompasses a wide range of critical components, including sensors, weapon systems, fire control systems, and communication equipment, all designed to bolster India’s naval prowess.”
Boosting ‘Aatmanirbhar Bharat’ through Collaboration
The NGMV project represents more than just a business venture; it symbolizes collaboration within India’s electronics and related sectors. Micro, small, and medium enterprises (MSMEs) across the nation will actively participate as sub-vendors in this ambitious project. By leveraging the collective expertise and resources of these entities, BEL aims to contribute significantly to the ‘Aatmanirbhar Bharat’ (self-reliant India) initiative.
BEL emphasized that the equipment produced for this project will play a pivotal role in strengthening India’s self-reliance and sovereignty.
Additional Orders to Fortify Defence Capabilities
In addition to the substantial contract with Cochin Shipyard, BEL has secured other vital orders worth Rs. 886 crore. These orders encompass various critical projects, including the upgrade of AFNET SATCOM N/W, enhancement of Akash Missiles with RF Seeker technology, Inertial Navigation System upgrades, and the supply of associated equipment and spares.
A Bright Future for BEL
Looking ahead, BEL is poised for an impressive fiscal year. The company has already amassed orders totaling Rs. 14,384 crore for the fiscal year 2023-24, and this latest achievement with Cochin Shipyard further solidifies its position as a leading player in the defence manufacturing sector.
Stock Performance
In the trading session on September 15, BEL’s stock settled at Rs. 135.70 on the Bombay Stock Exchange (BSE), marking a marginal decrease of 0.77 percent compared to the previous day’s closing price.
This substantial order from Cochin Shipyard underscores BEL’s pivotal role in advancing India’s defence capabilities and strengthening the nation’s commitment to self-reliance in the defence sector. With a promising future ahead, BEL continues to be a beacon of innovation and excellence in the aerospace and defence electronics industry.
About Bharat Electronics:
Bharat Electronics Limited is an aerospace and defence electronics company owned by the Indian government. It specializes in the production of advanced electronic products for ground and aerospace applications. BEL is one of the nine Public Sector Undertakings (PSUs) under the Ministry of Defence in India.
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