MIDHANI pays maiden dividend
Mishra Dhatu Nigam Limited (MIDHANI), a Public Sector Undertaking of Ministry of Defence paid a maiden dividend of Rs. 137.34 lakhs for the year 2003-04. The Chairman & Managing Director of Midhani, Shri Devasis Chowdhury presented the dividend cheque to the Defence Minister Shri Pranab Mukherjee, here, today.
Recording an all time high sales of Rs 125.13 crores and net profit of Rs 6.89 crores, the Hyderabad based PSU achieved a turnaround wiping out all accumulated losses. MIDHANI could achieve this turnaround in performance in 2003-04 through emphasis of high-value strategic customer focus, order booking for high-value and value-added products, cost reduction, efficient manufacturing process and systems improvements and implementing a cordial human relations environment.
The company was primarily set up in 1973 for achieving self reliance in critical special materials and super alloys required for supporting programmes of national importance in strategic sectors such as Space, Defence Aeronautics and Atomic Energy. It went into commercial production in 1983. Despite a Capital restructuring in 1985, the company had an accumulated losses of about Rs 33 crores until 1986-87. Since 1987-88 the company had been able to wipeout the accumulated losses with marginal profits.
MIDHANI supplies included rocket motor casing for PSLV & GSLV, engine materials for MiG and Kaveri Engine Programme – Light Combat Aircraft, special steels for nuclear power plants, gun barrels and other ordnance for T-72 Tank & Bofors Gun etc. Aerospace spin-off technologies have been employed for diversification into manufacture of a wide range of import – substitute Titanium Biomedical Implants & Prosthesis, being marketed at an affordable price, for the benefit of the common man. Steel armour products for bullet-proof Jackets for Armed Forces personnel as well as vehicles, specialized fasteners and fabricated components using special alloys and metals were also supplied.
(Release ID :4592)