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SOURCE: PTI

BEML Ltd expects to get additional orders valued at about Rs 3,000 crore by this financial year-end, its Chairman and Managing Director, Deepak Kumar Hota said on Thursday. The company under the Ministry of Defence has set an ambitious revenue target of Rs 4,000 crore in the current fiscal, up from the previous year’s figure of Rs 3,029 crore, despite the shortfall in the first quarter due to adverse impact of COVID-19 and lockdown.

“We have orders on hand over Rs 10,000 crore and further orders of around Rs 3,000 crore are expected by FY 20 -21,” Hota told PTI in an interview.

He said BEML is working towards ‘zero import’ policy and has invited ‘expression of interest’ for indigenous development of items being imported.

“Development orders have already been placed for 292 items and efforts are on for indigenous development of balance items,” Hota said.

According to officials of the Bengaluru-headquartered BEML, the company has achieved indigenisation levels of over 90 per cent in the mainline mining & construction products and rail coaches & EMUs, over 80 per cent in high mobility vehicles and over 65 per cent in Metro cars.

In 2019-20, BEML’s defence & aerospace vertical achieved sales of Rs 431 crore, mining & construction business Rs 1,493 crore and rail & metro Rs 1,105 crore, Hota said.

With the government’s plans to increase coal and steel production, huge infrastructure development work and goal to boost the economy; BEML expects continuous growth in mining & construction equipment vertical in the coming years post COVID-19 pandemic.

Further, BEML officials noted that the government has directed companies to expedite capital expenditure, adding, many tenders are expected from Coal India and steel industries.

“BEML with its infrastructure, R&D and resources, is fully geared up to meet the present and future demands of mining & construction equipment,” Hota said.

To further enhance indigenisation, BEML has invited ‘expression of interest’ for manufacturing and technology partnerships with reputed global OEMs looking to establish and / or expand their supply chains / manufacturing base in India for manufacture of various goods and/ or service business in the areas of defence & aerospace, rail & metro & mining & construction, engines and aggregates with the overarching objective of ‘Atmanirbhar Bharat’, according to him.

“Positive responses have been received and have been shortlisted to proceed further,” Hota said.