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New Delhi, Feb 14: Two bluechip defence public sector undertakings—Bangalore based Hindustan Aeronautics Limited (HAL) and radar giant Bharat Electronics Limited (BEL)—are being given the coveted nav ratnas status.
This was announced here today by K P Singh, secretary defence production, who said that the Cabinet Committee on Economic Affairs (CCEA) had already cleared the proposal.
“We are in the process of implementing it,” he said at a function to confer defence minister’s awards for excellence to defence PSUs.
Once these companies are conferred navratna status, they would enjoy more operational and financial autonomy, which would help them take speedy decisions without reverting to government.
HAL, which built the first military aircraft in South Asia is currently involved in design farbication and assembly of fighter aircraft, jet engines, helicopters and their spares.
The company has consistently been posting profits for the last ten years. Employing the best engineering talent available in the country, BEL manufactures state of the art products in defence electronics like communication including encryption, radars and strategic components. The minister gave away awards to 54 people in different categories for pioneering work on some major defence technologies including missile systems and aircraft systems.
HAL and BEL figured prominently in the awards lists, withBEL being given institutional award as the best performing defence PSU, while HAL bagged the award for best performance in exports.
—PTI
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