Seven Defence Public Sector Undertakings (DPSUs) handed over dividend cheques amounting to Rs. 1,620 crore to Defence Minister Rajnath Singh on Tuesday, highlighting their substantial financial contributions to India’s defense sector. The DPSUs included Hindustan Aeronautics Ltd. (HAL), Bharat Electronics Ltd. (BEL), BEML Ltd., Bharat Dynamics Ltd., Mazagon Dock Shipbuilders Ltd. (MDL), Garden Reach Shipbuilders & Engineers Ltd., and Goa Shipyard Ltd.
Defence Minister reviewed the companies’ performance, in a meeting at South Block. Singh encouraged companies to allocate additional resources toward research and development, as well as to enhance export capabilities, with a focus on indigenization to decrease dependence on foreign imports. He urged them to boost production capacity, uphold high-quality standards, and ensure timely delivery to fulfil the requirements of the armed forces. He also praised the role of the DPSUs in the preparedness of the Indian armed forces, the Defence Ministry said.
Defence Minister also congratulated the Chairperson and Managing Director of HAL on achieving Maharatna status, making HAL the 14th Maharatna PSU in India and the first among the Defence Public Sector Undertakings (DPSUs). Singh motivated other DPSUs to aim for Maharatna and Navratna status, acknowledging their potential for growth and increased autonomy.
During the meeting, Sanjeev Kumar, the Secretary of Defense Production, provided Singh with an overview of the financial performance, strategic objectives, and ongoing research and development and indigenization initiatives of the DPSUs.
In the dividend handover to Defence Minister Rajnath Singh, HAL contributed a final dividend of Rs. 622.83 crore for the fiscal year 2023-24, making it the highest in the group as it bagged several new orders recently. MDL issued an interim dividend cheque of Rs. 396.75 crore for the fiscal year 2024-25, along with a final dividend of Rs. 207.19 crore for 2023-24. At the same time, BEL presented a final dividend of Rs. 299.03 crore for the fiscal year 2023-24.
Team BharatShakti
