Bharat Electronics Limited Hearty Welcome tobel-india.in/Documentviews.aspx?fileName=BEL...Telecom...

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Shri. G. Mohan Kumar Secretary - Defence Production Defence Electronics - Bharat Electronics Limited 1

Transcript of Bharat Electronics Limited Hearty Welcome tobel-india.in/Documentviews.aspx?fileName=BEL...Telecom...

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Shri. G. Mohan Kumar

Secretary - Defence Production

Hearty Welcome to

Defence Electronics -

Bharat Electronics Limited

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Disclaimer

THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF BHARAT ELECTRONICS LIMITED (THE

“COMPANY”).

The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation. It is information given in summary form and

does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation does not constitute a prospectus, offering circular or offering

memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase

any of the Company’s equity shares.

This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking

terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or

comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical

facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other

things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-

looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and

future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such

statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company’s actual results of operations, financial condition and

liquidity, and the development of the business sector in which the Company operates, may differ materially from those suggested by the forward-looking statements contained in this

Presentation. In addition, even if the Company’s results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, are consistent with

the forward-looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods.

The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness

or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The

Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise.

Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates. The information contained herein is subject to change

without notice and past performance is not indicative of future results.

This document is a Presentation and is not intended to be a “prospectus” or “offer document” (as defined or referred to, as the case may be, under the Companies Act, 2013). It is clarified that

this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons

residing in any other jurisdiction including the United States and Japan for the subscription to or sale of any securities including the Company’s equity shares. No part of it should form the

basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of the Company’s securities may be

offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”)except pursuant to an exemption from, or in a transaction not

subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state of the United States. The Company’s securities have not been

and will not be registered under the Securities Act.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded

or delivered or transmitted in any manner to any person other than its intended recipient, and should not be reproduced in any manner whatsoever.

By reviewing this presentation, you agree to be bound by the foregoing limitations. You further represent and agree that you are located outside the United States and that you are permitted

under the laws of your jurisdiction to receive this presentation.

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Table of Contents

1. Defence Manufacturing-Scenario

2. Company Overview

3. Future Scenario

4. Financial Profile

5. Half Yearly Performance

6. Achievements

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Defence Manufacturing-Scenario

Modernisation and upgrade plans of Indian Defence Forces coupled with the

Government’s commitment to support these plans.

Majority of the defence requirements of Indian Industry met by Imports.

High technology expertise, a lot of patience, perseverance and good financial

strength required for Industry players to stay in business.

Continuous review and up-dation of DPP and offset policy, encouraging private

participation and foreign investments in the country.

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Defence Manufacturing-Scenario

49% FDI under Automatic route and beyond on case to basis subject to flow of

state of the art technologies with the approval of FIPB.

Strategic Partnership Model to develop Large SI’s in the Private sector

More thrust on “Buy Indian”, “Buy & Make - Indian” and “Make” Programs.

Make in India” initiative to encourage indigenous manufacture.

Strategic partnerships and collaborations with friendly countries in defence

production, technology transfers and exports.

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BEL – Over View

(1) * NSE as of November 21, 2016

(2) ** Based on standalone audited financial statement for FY ended March 31, 2016.

(3) USD/INR -66.175

“Navratna” Company having market leadership in Defence Electronics space with strong focus on R&D

Note: All financials are as per company filings with the stock exchanges

1. Bharat Electronics Limited (BEL) was established at Bangalore, India, by the Government

of India under the Ministry of Defence in 1954 to meet the specialized electronic needs of

the Indian defence services

2. In June 2007, BEL was conferred the prestigious Navratna status based on its consistent

performance

3. BEL has strong relationships with defence and government agencies

Robust

manufacturing

capability

1. Multi-product, multi-technology, multi-unit company servicing the needs of customers in

diverse fields in India and abroad

2. Bharat Electronics has nine manufacturing plants which are located closer to the

ordinance factories, the key clients of BEL.

3. High capacity utilization and excellent execution track record

Market

Leader

1. Market leader in the defence electronics space

2. Manpower: 9848 employees

Focus on R&D

1. In-house R&D capabilities (R&D spend at 9 % of FY 2015 revenues) with 2,528 employees

in the R&D division

2. BEL has built an indigenous manufacturing capability on the back of its strong focus on

R&D

Strong JV

Partnerships &

Collaborations

1. BEL Optronics Devices Limited for Night Vision Image Intensifier tubes

2. GE BE Private Limited for Medical Electronics Parts, X-Ray Tubes

3. BEL Thales Systems Limited for Civil ATM and select Defence Radars

Rich

Heritage

Robust

Financial

Performance

1. Market Capitalization –USD 4314 Million * (After Buyback of Shares)

2. FY1 5-16 Gross Turnover – USD 1137 Million , Profit After Tax – USD 205 Million**

1

2

3

1

2

3

1

2

1

2

1

2

3

1

2

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Key milestones achieved by the Company

More than 60 years of experience in the Defence Electronics space

1954 - BEL

established

at Bangalore

1961 - Receiving

Valves

1966 -

Radar

manufactur-

ing for

Army & In-

house R&D

1968 - Printed

Control Board (PCB)

manufacturing

1970 - Black &

White TV Picture

Tube, X-ray Tube

and Microwave

Tubes

1974 – 2nd

unit at

Ghaziabad

- Radars

and Tropo

comm.

equipment

1979 – 3rd unit at

Pune - Laser

Products,Batteries,

X- ray Systems

1980 –

1st

overseas

office at

New

York

1982 -

Space

Electronic

Division at

Bangalore

1983 –

Takeover of

Andhra

Scientific

Company as

the 4th unit at

Machilipatnam

1985 -

5th unit at

Chennai &

6th unit at

Panchkula

1986 – 7th unit

at Kotdwara,

8th unit at

Taloja (Navi

Mumbai) & 9th

unit at

Hyderabad

1987 -

Naval

Equipment

unit at

Bangalore

1988 - 1st

Central

Research

Laboratory

1989 -

Telecom

switching and

transmission

systems,

Electronic

Voting

Machine

1990 –1st

JV with M/s

Delft of

Holland

1992 – 1st

Disinvestment

(20%) & listing

on Bangalore

and Bombay

Stock

Exchanges;

2nd Research

Laboratory at

Ghaziabad

1994 – 2nd

Disinvest-

ment (4.14%)

1997 –

JV with

M/s GE

USA

1998 – 2nd

overseas

office at

Singapore

2002 - Mini

Ratna

Status

(category I)

2007 -

Navratna

Status

2000 –

1. Bangalore

Unit divided

into various

Strategic

Business

Units(SBUs)

2. Shares

listed on

NSE

2014 -

JV with

Thales

,France

2015- Bonus Issue

2016 -

Buy Back

of Shares

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JVs / Subsidiaries and collaboration with Global Majors

• Set up in 1997 as a joint venture between Bharat Electronics

Limited (26%) and General Electric Medical Systems (74%)

• The facility based at Whitefield, Bangalore, manufactures CT

Max and other state-of-the-art X-Ray Tubes.

• GE-BE Pvt Ltd achieved a turnover of USD 120 Million in the

year 2015-16 as against USD 110 Million in 2014-15

X Ray Tubes

BEL-Thales Systems Limited Technology Tie-ups / MOUs with foreign OEMs

GE-BE Private Limited BEL Optronic Devices Limited

High Voltage Tanks

• 100% subsidiary of BEL established in 1990 for conducting

research, development and manufacture of Image Intensifier

Tubes and associated high voltage Power Supply Units for use

in military, security and commercial systems

• The company is located in Bhosari Industrial Area, Pune

• Company achieved turnover of USD 16 Million and has made a

profit after tax of USD .30 Million in FY 2015-16.

• Order Book of BEL Optronic devices as on 01.04.2016 is USD 4

Million.

• Joint Venture Company (JVC) between Bharat Electronics

Limited (74%) and Thales (26%) established in 2014 for

designing, development, marketing, supply and support of

civilian and select defence radars for Indian and global markets

• Company located in Bangalore

• The company was incorporated on August 28, 2014

• During the second year of Operation, the company incurred a

loss of USD .30 Million.

Company Products

Sextant Avionics LCD systems for MiG 21

Sagem Systems Production and supply of navigational

sensors, inertial navigation system

Textron Systems MicroObserver Unattended Ground Sensor

System

General Electric

Company

Manufacture and supply of X-ray tubes

Israel Aerospace

Industries

Long range Surface to Air Missile

JVs and collaborations with major international players such as Thales, GE, Israel Aerospace Industries etc.

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BEL – Key Business Segments

Multi-product, multi-technology, multi-unit company servicing the needs of diverse customers

Radar &

Weapon

systems

Communica-

tion

Electronic

Warfare

Network

Centric

Systems

Naval

Systems

Electro-

Optics

Tank

Electronics

Civilian

Products

• Electronic Voting

Machines,

Mobile Tablet

PCs, Solar

Traffic

management

systems etc.

• Gunners main

sight, digital

intercom

systems, tank

intercom

systems, L70

gun upgradation,

Schilka upgrade

• Laser range

finders,

night vision

devices,

weapon

systems

• Radar warning

systems, missile

warning

systems,

integrated

electronic

warfare suites,

convoy

jammers, etc.

• Surveillance

Radars, fire

control radars,

weapon locating

radars,

secondary

surveillance

radars ,missile

systems.

• HF Receivers /

Transmitters,

VHF Radio, UHF

Radio,

Encryption

products, radio

relays, data

communication,

strategic

communication

systems etc.

• Artillery Combat

Command

Control

Systems,

Battlefield

Surveillance

systems, coastal

surveillance

systems

• Short range/

medium / long

range Fire

Control

Systems, Anti

submarine

warfare

systems, fire

control systems

modules

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Robust manufacturing capability

Ghaziabad - 1974

• Radar

• Network Centric Systems

• Satcom & Cellular

Communication

Panchkula - 1985

• Tactical Communication

Equipment

• Portable Radar

Kotdwara - 1986

• Defence Communication

Equipment

• Telecom Products

Navi Mumbai - 1986

• Shelters, Masts

Pune - 1979

• Batteries

• Electro-Optics

• Laser Products

Bengaluru - 1954

• Military Communication

• Missile Systems

• Electronic Warfare and Avionics

• Radar

• Naval Systems

• Network Centric Systems

• Export Manufacturing

• Components

• Homeland Security

Chennai - 1985

• Tank Electronics

• Land Navigation

Systems

• Fire Control Systems

• Gun Upgrades

Machilipatnam - 1983

• Electro Optic

Equipment

Hyderabad - 1986

• Electronic Warefare

Equipment

Regional offices

• New Delhi

• Mumbai

• Kolkata

• Visakhapatnam

Marketing offices

• Bengaluru

• New Delhi

Overseas offices

• New York

• Singapore

Key Subsidiaries &JVs

• BEL Optronics Devices Ltd

− Manufactures Night vision image

intensifier tubes

• GE – BE Pvt. Ltd

− Manufactures CT Max and state of

the art X-ray tubes, High Voltage

Tanks and Detectors

• BEL-THALES Systems Limited

− Design, development & supply of

civilian and select Defence Radars

for Indian and global markets

Robust Manufacturing capabilities with 9 manufacturing bases spread across India

# Map not to scale

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Key Investment Highlights

Robust Manufacturing

capability with capex

planned for capability

enhancement

Market leader with

diverse customer base

Robust Order Book

Position High R&D focus

Increase in Capital

Defence Spending with

focus on “Make in India”

JVs / Subsidiaries and

collaboration with Global

Majors

Focus on integration /

turnkey projects and

exports

Experienced

Management &

Government of India

Parentage

1

2

3 4 5

6

7 8

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Research & Development

• 50% Engg. Manpower deployed at 30 R&D Centers

• 86% Sales Revenue from Indigenous R&D

• R&D investment : 9% of Turnover

• CMMi Level 5 Certification for Software development

• 3 Tier R&D Structure

Blue Sky Research (Futuristic Technologies) (SDR, Networking, Wireless, Signal Processing, Cognitive

Radios & Radars, C4I Software, Sensor Data Fusion,

Networking Waveforms)

Central Research Labs

(2 Groups)

Core Design Groups

(8 Groups)

Core technology development for running projects (Defence Software, Encryption, RF, Microwave,

Radar Signal Processing, Power Supply, Control Electronics)

Products & Systems development Development & Engg Groups at each Unit

(20 Groups)

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• USD 76 Million annual CAPEX

• World class Manufacturing & Test facilities

• Test set up for Missile System

• Antenna Test Range Facility

• Modern Production setup for Airborne

applications

• Environmental Test facilities

• Product Development & Innovation

Centre

• Opto Electronic Manufacturing facility

Expansion & Modernization

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Exports

• Dedicated Business Unit & Marketing

Group for Exports

• Achieved USD 85 Million during 15-16

• Export Initiatives:

• Strategic alliances with global OEMs

(Elbit, IAI, Thales, SAAB) for joint

development / co-production

• Focus on SE Asian Countries for

Comn, Sonars and Coastal Security

solutions

• Major products exported:

• Ship Comn Systems, EW , EO Fire

Control System, Radar Finger

Printing System, IFF, Hull mounted

Sonar, Radar Warning Receiver,

EVMs

• Major countries:

• USA, UK, Russia, Italy, Myanmar,

Brazil, Germany, France, Israel,

Indonesia, Honduras, Malaysia,

Maldives, Mauritius, Namibia,

Seychelles, South Africa 16

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Major Orders Executed in 2015-16

• Akash Weapon System (Army & Air Force)

• 3D Tactical Control Radar to Army

• Schilka Upgrade to Army

• Passive Night Vision Devices to Army

• Low Level Light Weight Radar to Air Force

• Fire Control System to Navy

• Integrated Sonar Suite to Navy

• Ship Data Network to Navy

• New Generation Sonars to Navy

• L Band Surveillance Radar for Export (Myanmar)

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Future Scenario

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Future Outlook

• BEL to continue indigenisation efforts in keeping with ‘Make in India’

initiative

• Radars, Missile Systems, Communication & Network Centric Systems,

Tank Electronics, Gun Upgrades, Electro-Optic Systems and Electronic

Warfare & Avionics Systems to drive BEL’s growth

• Capacity enhancement and creation of new test facilities for Defence

business

• Company pursuing business opportunities in Solar Energy, Homeland

Security, Smart Cards and Telecom

• Strategies and action plans to face competition, maintain technological

edge and retain leadership position in strategic electronics

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FINANCIAL PROFILE

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2011-12 2012-13 2013-14 2014-15 2015-16

38 33

42

58

85

EXPORT TURNOVER (USD Million)

2011-12 2012-13 2013-14 2014-15 2015-16

862 909 933 1,012

1,137

GROSS TURNOVER (USD Million)

2011-12 2012-13 2013-14 2014-15 2015-16

125 134 141176

205

PROFIT AFTER TAX (USD Million) (USD Million)

2011-12 2012-13 2013-14 2014-15 2015-16

162 168 178

222273

PROFIT BEFORE TAX (PBT)

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63.93% 65.19%

59.00%

56.43%

54.82%

2011 - 12 2012 - 13 2013 - 14 2014 - 15 2015 - 16

MATERIAL CONSUMPTION TO VOP (DPE) (in %)

163 168 156 191 197

18.95%

18.48%

16.68%

18.88%

17.31%

16.00%

16.50%

17.00%

17.50%

18.00%

18.50%

19.00%

19.50%

-

150

2011-12 2012-13 2013-14 2014-15 2015-16

Employee Benefits Expense(US$ Millions) % to Turnover

10791 10305 9952 9703 9948No. of Employees

(USD Million) EMPLOYEE BENEFITS EXPENSE TO TURNOVER

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VoP (DPE) = Net turnover – Changes in Inventories of FG, WIP

TRADE RECEIVABLE TO TURNOVER

422

494 509 518

637

178191

202188

208

0

50

100

150

200

250

300

0

100

200

300

400

500

600

2011-12 2012-13 2013-14 2014-15 2015-16

Inventory Inventory in No. of days to VOP (DPE)

(USD Million)

406

504

624

572 561

172

202

244

206

180

150

200

250

300

0

2011-12 2012-13 2013-14 2014-15 2015-16

Trade Receivables Trade Receivables in No. of days to Turnover

(USD Million)

INVENTORY TO VOP (DPE)

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Return on Capital Employed = PAT / Capital Employed

Return on Equity = Profit After Tax / Net Worth

10.71% 10.58%

14.44%

17.09% 19.28%

2011-12 2012-13 2013-14 2014-15 2015-16

EBITDA to Turnover (in %)

15.66%

14.78%

13.85%

15.19%

17.00%

2011-12 2012-13 2013-14 2014-15 2015-16

Return on Capital employed (in %)

14.76%

14.12%

13.28%

14.80%

15.55%

2011-12 2012-13 2013-14 2014-15 2015-16

RETURN ON EQUITY (ROE) (in %)

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Cash Earning Per Share = (PAT + Depreciation) / No. of

Shares

Note: Excludes Dividend Tax

EPS normalised for the previous periods due to issue of Bonus

Shares

0.52 0.56 0.59

0.73

0.85

2011-12 2012-13 2013-14 2014-15 2015-16

EARNING PER SHARE (EPS) (in USD)

0.60 0.64 0.68

0.83

0.96

2011-12 2012-13 2013-14 2014-15 2015-16

CASH EARNING PER SHARE (in USD)

(USD Million)

25 27 2835

62

2011-12 2012-13 2013-14 2014-15 2015-16

TOTAL DIVIDEND PAID

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66

77

71

83

106

7.71%

8.94%

7.77%

8.89%

10.52%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

-10

10

30

50

70

90

110

2011-12 2012-13 2013-14 2014-15 2015-16

R&D Expenses R&D Expenses to Turnover (%)

R & D EXPENSES TO TURNOVER (USD Million)

(USD Million)

2011-12 2012-13 2013-14 2014-15 2015-16

3543

6258

79CAPITAL EXPENDTURE/INVESTMENT

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Figure inside the bar is the Market Price, which is the average of closing prices on NSE for each year

2016-17 is based on the closing rate of NSE as on 21.11.2016 (After Buyback of Shares)

(In % )

15.31

11.41 9.59

15.80

20.44

2011-12 2012-13 2013-14 2014-15 2015-16

PRICE EARNING RATIO

Book value normalised for the previous periods due to issue of Bonus Shares

850 953 1,060 1,192 1,320

3.54 3.97

4.42

4.96

5.50

2011-12 2012-13 2013-14 2014-15 2015-16Net Worth Book Value (in US$)

BOOK VALUE PER SHARE (USD Million)

19201535 1350

2788

41934314

2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

MARKET CAPITALISATION (USD Million)

24.01 19.18 16.87 34.85 17.47 19.31

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Shareholding Pattern as on 4th November, 2016 GOI, 74.41%

FINANCIAL INSTITUTIONS

, 0.03%

MUTUAL FUNDS, 9.03%

FIIs, 4.22%INSURANCE COMPANIES,

0.61%CORPORATE

BODIES, 2.66%

NRIs, 0.16%

OTHERS, 8.88%

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HALF YEARLY PERFORMANCE

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Financial Highlights upto 2nd Quarter 2016-17 (Ind-AS Compliant) (USD in Million)

Particulars 2016-17

(Unaudited)

2015-16

(Unaudited)

Total Income from Operation (Gross) 411 405

Net Profit for the period before tax 78 56

Net Profit for the period after tax 58 43

Earning Per Share (EPS in USD )

(Previous year normalised for Issue of Bonus Shares) .24 .18

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ACHIEVEMENTS

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Major achievements in recent past

Induction of Akash Missile System to Indian Air Force and Indian Army

Akash is a great success story of the ‘Made in India’ initiative and

BEL is proud to be a part of it

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Major achievements in recent past

Established Integrated Test Bed Facility for

Missile and Weapons Systems Integration

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Major achievements in recent past

Foundation stone laid for Defence Systems Integration Complex

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Major achievements in recent past

Partnership agreement signed between Thales and BEL Thales Systems Limited

for joint development of PHAROS Fire Control Radar

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Major achievements in recent past

Raksha Mantri’s Awards for Excellence for the years

2012-13 and 2013-14 in various categories

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