Focus on innovation, R&D: Defence Minister Rajnath tells MIDHANI, lauds performance

New Delhi: Union Defence Minister Rajnath Singh reviewed the performance of Mishra Dhatu Nigam Limited (MIDHANI) here today. The officials of the Defence Public Sector Undertaking (DPSU) briefed Defence Minister Singh and senior officials of the Department of Defence Production, Ministry of Defence, about their ongoing projects and future plans.

Rajnath Singh commended MIDHANI’s contribution towards indigenisation in defence manufacturing and lauded the Defence PSU for diversifying its business to other sectors like space, energy, and railways. Stressing that it can play a major role in making India self-reliant in special alloys and materials, Singh asked the officials to focus more on innovation and R&D. He said that the DPSU has a unique place among the Defence companies with its specialized product profile and customers, with a lot of potential for exports.

The Ministry of Defence (MoD) stated in a Press communication that MIDHANI has performed well over the last five years. The company’s value of production has increased by around 27% from Rs 640 crore in FY 14-15 to Rs 815 crore in FY 18-19. Its market capitalisation hit a peak of Rs 4,637 crore and its share price hit an all-time high of Rs 248.45 on 20 February. The shares of MIDHANI continue to trade above the issue price of Rs 90 per share.

Import substitution of high-pressure discs for compressor of Adour MK 811 engines for Jaguar fighter plane and 74 kg titanium casting for naval application are some of the prominent achievements.

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The ID Staff

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