BEL bags another defence ministry order worth Rs 3,000 crore for electronic warfare equipment

BEL bags another defence ministry order worth Rs 3,000 crore for electronic warfare equipment

It will generate work equivalent to three lakh days in the next couple of years.

FPJ Web DeskUpdated: Friday, March 24, 2023, 05:37 PM IST
article-image

Almost Rs 6 lakh crore has been allocated towards defence as part of India's union budget 2023, with a focus on Atmanirbhar defence to become self-reliant. With an aggregate order book of Rs 52,000 crore, state-owned aerospace manufacturer Bharat Electronics Limited is eyeing more contracts worth Rs 20,000 crore in FY23 and FY24 each.

A day after it secured a Rs 3,700 crore order to send radars for IAF, BEL has signed a Rs 3,000 crore contract to boost electronic warfare.

What does this mean for self-reliance?

As part of Project Himshakti, the order will encourage the participation of small and medium firms among BEL's vendors in defence manufacturing.

It will generate work equivalent to three lakh days in the next couple of years, to boost employment in the local defence sector.

Focus on electronic warfare

Himshakti is a project focusing on electronic equipment developed with the defence electronics research lab's (DLRL) tech.

The tools will be used for interception and will include electro-optical sensors as well.

Ray of positivity for BEL

Values of BEL shares were down after lower than estimated profits for the October-December quarter, and a stake sale by Norway's Norges Bank over geopolitical issues.

But the orders from the defence ministry triggered an uptick for the aerospace firm, even as Sensex lost steam.

RECENT STORIES

Unauthorised Transaction Due To Third Party Breach: Bank Customer Has Zero Liability, Says Bombay...

Unauthorised Transaction Due To Third Party Breach: Bank Customer Has Zero Liability, Says Bombay...

Aadhaar Card Update Deadline Extended: UIDAI Offers Free Corrections Until September 14; Here's What...

Aadhaar Card Update Deadline Extended: UIDAI Offers Free Corrections Until September 14; Here's What...

Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

Bain Capital, BNP Paribas Sell 3.5% Stake In L&T Finance For ₹1,504 Crore

Reliance Capital Resolution: NCLT To Hear IIHL Plea For Deadline Extension On June 20

Reliance Capital Resolution: NCLT To Hear IIHL Plea For Deadline Extension On June 20

AI Innovations In Banking: Lessons Learned From Bhargava Kumar's Pioneering Projects

AI Innovations In Banking: Lessons Learned From Bhargava Kumar's Pioneering Projects