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| Midhani charts Rs 600-cr expansion in three phases |
| BS Reporter / Chennai/ Hyderabad Aug 28, 2010, 00:20 IST |
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Miniratna company Mishra Dhatu Nigam Limited (Midhani) has embarked on a Rs 600-crore expansion programme, which encompasses establishing wide plate mill, 6,000-tonne forge press, furnaces and auxiliary facilities in three phases. This will take the public sector enterprise’s turnover to Rs 1,000 crore in the next five years from the present Rs 370 crore.
“Staying globally-competitive is the need of the hour,” said Union defence minister AK Antony, after laying the foundation stone for the company's expansion here on Friday.
He said Midhani not only saved considerable amount of foreign exchange but also demonstrated high-level of confidence and competence in fabricating furnaces of larger melting capacity.
Earlier, dedicating a 10-tonne indigenously-built electro slag refining furnace to the nation, the minister observed that most of the able hands would retire by 2013, and hence there was a need for large-scale recruitment of engineers and scientists to fill the void.
The Union government, he said, wanted Midhani to extend critical material support to several important programmes like manufacture of fighter aircraft Sukhoi-MK II, advanced light weight helicopter by HAL, Arjun and T-90 tanks by the ordnance factories, commercial launch of PSLV, GSLV and GSLV Mark II by the Indian Space Research Organisation, and increase in nuclear power generation beyond 18,000 Mw by 2020.
Midhani today handed over a cheque of Rs 7.92 crore to Antony as a dividend to the Centre for 2009-10. The company had earlier paid an interim dividend of Rs 1 crore.
No snapping of China ties
Antony brushed aside reports on India snapping ties with Beijing in the wake of the controversy that the latter had denied visa to Northern Army Commander Lt General BS Jaswal as he comes from the ‘sensitive’ Jammu & Kashmir area.
“It is not the question of breaking defence ties with China. We have closed ties with China though there could be some problems occasionally. Short-term problems would not affect India's overall approach towards China,” the minister said.
Replying to a query, Antony maintained that the government had not restricted defence production to the public sector alone but allowed 26 per cent foreign direct investment and was encouraging the private sector as well.
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