State-run power equipment maker BHEL is eyeing the defence manufacturing segment, in particular naval field guns and submarines as a growth sector.
Speaking at the company’s 51st Annual General Meeting, Chairman and Managing Director B Prasada Rao said BHEL has made significant contribution for naval guns and the Integrate Platform Management System in the past.
He added that with naval field guns and submarines being opened up by the Government, BHEL will look for partnerships with global original equipment manufacturers.
In order to capitalise on the opportunities in the defence sector, the company has formed a consortium with Mishra Dhatu Nigam Ltd and Hindustan Shipyards Ltd for indigenously building P-75 (I) submarines for the Indian Navy.
Rao informed shareholders that despite 2014-15 being a challenging year, BHEL secured orders worth ₹30,814 crore, a 10 per cent increase over the previous year. Of these, 89 per cent of the orders are in the power sector on an engineering, procurement and construction basis.
“At the end of the year, total orders in hand for execution in 2015-16 and beyond, stand at ₹1,01,018 crore,” he said.
Power projects totalling 11,941 MW were commissioned during the year, including 10,230 MW utility sets, 1,392 MW captive sets/industrial sets in the country and 319 MW in overseas markets.