The Hindu Business Line : Midhani turns around

RECORDING all-time high sales of Rs 125.11 crore and a profit of Rs 4.87 crore, defence PSU Mishra Dhatu Nigam Ltd (Midhani) has achieved a turnaround, clearing all accumulated losses during the financial year 2003-04.

Midhani is a high-tech metallurgical facility set up primarily for self-reliance in critical materials required for supporting programmes of national importance in strategic sectors, including space, defence, aeronautics and atomic energy.

The Chairman and Managing Director, Mr Devasis Chowdhury, disclosed the provisional operating results of the defence PSU in a press release here.

According to him, the company is in a position for payment of maiden dividend to the Government. Midhani could achieve a turnaround in performance through emphasis on order booking for high-value and value-added products, cost cutting, manufacturing process and systems improvements in a cordial human relations environment, he said.

Midhani supplies include rocket motor casings for PSLV and GSLV, engine materials for MIG and Kaveri Engine Programme - light combat aircraft, special steels for nuclear power plants, gun barrels and other ordinance for T-72 Tank and Bofors Gun.

According to Mr Chowdhury, aerospace spin-off technologies have been employed for diversification into manufacture of a wide range of import-substitute titanium biomedical implants and prosthesis, being marketed at an affordable price for the benefit of the common man.

Further, steel armour products for bullet-proof Tata Safari, specialised fasteners and fabricated components using special alloys and metals were also being supplied, he said.