Public sector defence and aerospace major Bharat Electronics Ltd (BEL) is planning to invest around Rs 25 billion over the next three years. Besides the company also said that it is planning to set up new marketing offices outside India to boost exports.
Speaking to Business Standard at Defexpo18, M V Gowtama, chairman and managing director, BEL said that the company is setting up two plants, for which lands are acquired, at Anantapur and Machilipatnam in Andhra Pradesh.
He noted in the last two years the company had invested around Rs 6 billion.
The increase in investment is coming on the backdrop of company's plans to increase its revenue from domestic and export markets.
BEL's revenue grew to around Rs 100 billion in 2017-18 and company expects to grow at around 12-15 per cent in the next three years. Of the total revenue around 85 per cent is from the defence, the balance 15 per cent is from civilian applications.
The growth will be faster if the Government's policy is more supportive of make-in-India programme.
Gowtama had asked the Government to consider to remove customs duty, which will bring down the cost for the customer.
To boost exports the company is setting up new offices outside India.
First one would be in Vietnam, which will be inaugurated in the next one or two months. Other focus would be south Asian countries.
This comes on the backdrop of company's plan to increase the exports share in total revenue to 5-10 per cent from the current around 2-3 per cent.
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