BEL eyes 100 M $ exports in three years

By Staff
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Google Oneindia News

Bangalore, Apr 17 (UNI) Defence electronics major Bharat Electronics is eyeing a 100 million dollar exports in three years encashing on offset policy in procurement in defence and contract manufacturing.

With an export of 11.6 million dollars last fiscal, BEL today announced that it has export orders to the tune of 13 million orders and another 20 million dollars worth was expected during the first quarter of current fiscal. This was mostly on product exports, BEL Chairman and Managing Directgor V V R Shastry told newsmen here while announcing the company's performance for 2006-07.

He said that BEL has a three pronged strategy to boost its exports. First through product exports oriented mostly towards African, South East Asian and American countries, second through contract manufacturing for European and American companies and thirdly through offset policy from Europe and America. The Company had already signed MoU with four multinationals who were in the race for fat defence orders from India.

He said over the next six years, according to the current estimate the offset policy was expect to provide 10 billion dollars worth of business to Indian companies, both in public and private sector. BEL was working to grab around 20 to 30 per cent of this order.

He said the company would achieve a turnover of one billion dollars during the current fiscal and double it by 2010-11.

He said the fiscal year that just crossed saw the company recording a 12 per cent increase in its turnover at Rs.3960.38 crore with net profit up by 22 per cent at Rs.713.85 crore. nearly 76 per cent of the turnover was from Defence. As on April one this year the company's order book stood at Rs.9000 crore as against Rs.6,600 crore the previous year.

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