Defence Public Sector Undertakings Garden Reach Shipbuilders & Engineers (GRSE) Ltd and Bharat Earth Movers Ltd have achieved the status of Miniratna Category – I companies. These Defence Public Sector Organisations have continuously made profits in the preceding three years and fulfil various norms prescribed by the Department of Public Enterprises, Govt of India for achieving the status.
GRSE has been in the forefront of constructing and delivering warships to the Indian Navy and Coast Guard. In addition to its’ shipbuilding business, the Shipyard has Engineering and Engine Divisions which manufacture Baily Bridges and Engines. With the recent takeover of Rajabagan Dockyard from the CIWTC, the ship building capacity of GRSE has doubled. GRSE has turned in an impressive financial performance during 2005-06. The value of production and profits were highest during the year.
Bharat Earth Movers Ltd (BEML) has a product range covering ground support equipment, aggregates and wagons for Defence, Earthmoving equipment and Railway Rolling Stock. The company has three manufacturing units at Bangalore, KGF and Mysore.
The status of Miniratna (Category-I) grants more autonomy to these companies and confers various powers to incur capital expenditure on new projects, modernisation, purchase of equipment, establish joint ventures and subsidiaries, Human resource management etc without Government approvals subject to certain conditions.
SKS/DM /RAJ
(Release ID :20470)