BEL achieves Rs 6,671 cr turnover; HAL Board reconstituted

Bengaluru, Apr 01: Bharat Electronics Limited (BEL) has ended the year 2014-15 by registering a sales turnover (provisional) of Rs 6,671 crore.

BEL has achieved a growth of 8 per cent over the previous year's turnover of Rs.6,174 crores, Company officials said here on Wednesday.

Giving details of the results, the officials said that BEL achieved exports worth $ 58 million in 2014-15, registering a growth of 38 per cent over the previous year's export turnover of $ 42 million.

"BEL has an order book of around Rs 22,100 crore as on April 1, 2015," a Company spokesperson said.

Among the key projects executed during 2014-15 include missile systems for the Indian Air Force and the Indian Army, Passive Night Vision Devices, Tactical Control Radar, Shipborne Electronic Warfare Systems, Hull Mounted Sonar, Fire Control Systems, Missile Warning System and Combat Management System.

"As part of the Make in India initiative, about 80 per cent of the sales turnover came from indigenously developed technologies," BEL Chairman and Managing Director Sunil Kumar Sharma, said.

HAL boss will now be CMD

In an unrelated development, Hindustan Aeronautics Ltd (HAL) announced on Wednesday that the Company's Board has been reconstituted with the Chairman re-designated as CMD. The new Board format will be in place from April 1, 2015.

HAL is now piloted by T Suvarna Raju, who will henceforth be known as the CMD.

A company spokesperson said that the revised structure consists of five whole time directors, including CMD, two government nominee directors and seven independent directors.

S Subrahmanyan, who was the Managing Director (MiG Complex) will now be Director (Operations). V M Chamola will continue as the Director Human Resources, while A K Mishra will be Director Finance.

HAL discontinues the post of MDs

As part of the Board revamp, the posts of Managing Directors have been discontinued.

The Company now has four Chief Executive Officers (below the Board level). They are V Sadagopan, CEO (Helicopter Complex), R Kaveri Renganathan, CEO (Bangalore Complex), Daljeet Singh, CEO (MiG Complex) and Rajiv Kumar, CEO (Accessories Complex).

HAL said that the position of Director Engineering and R&D will be filled-up soon.

"The re-constitution is done considering the growth of the Company in the next two decades. This will also ensure extensive delegation and strengthen our management system", says Raju, CMD.

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