New Delhi: Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVNL) and India Optel Limited (IOL) have been granted Miniratna (Category-I) status, following approval from the Defence Minister. The decision comes in recognition of the companies' performance on key parameters, including growth in turnover, indigenisation, and exports.
The three Defence Public Sector Undertakings (DPSUs) were formed after the restructuring of the Ordnance Factory Board in October 2021. MIL and AVNL are Schedule ‘A’ DPSUs, while IOL is a Schedule ‘B’ firm under the Department of Defence Production.
MIL has recorded over 200% growth in sales in the last three years, rising from Rs 3,314 crore in FY 2021-22 to a provisional Rs 8,214 crore in FY 2024-25. Exports surged from Rs 22.55 crore to Rs 3,081 crore in the same period. Its product line includes small to large calibre ammunition, mortars, rockets, grenades, and in-house explosive components.
AVNL has also shown strong growth, with a nearly 190% increase in sales from Rs 2,569.26 crore to Rs 4,946 crore. The company has achieved 100% indigenisation of engines for all three major armoured platforms: T-72, T-90 and BMP-II. Its product range includes main battle tanks, infantry combat vehicles, mine protected vehicles, and defence logistics solutions.
IOL has posted the highest growth among the three in percentage terms — more than 250% — from Rs 562.12 crore in FY 2021-22 to Rs 1,541.38 crore in FY 2024-25. Its core offering includes opto-electronic and vision systems used in battle tanks, artillery, naval guns and other weapon systems.
According to the Defence Ministry, “The initiatives were applauded by the government, taken by the management of MIL, AVNL, and IOL to increase the turnover of the company, maximize indigenisation, and meet other performance parameters for the grant of Miniratna (Category-I) status.”
The Miniratna status is expected to give these companies greater functional autonomy, allowing them to take investment decisions more independently and pursue future expansion and innovation more effectively.
BI Bureau
