Date:04/04/2004 URL: http://www.thehindu.com/2004/04/04/stories/2004040411470500.htm

Andhra Pradesh

MIDHANI clears accumulated losses

By Our Staff Reporter

HYDERABAD, APRIL 3. The Hyderabad-based defence public sector undertaking, Mishra Dhatu Nigam Limited (MIDHANI) has achieved a turnaround by clearing all accumulated losses during the financial year 2003-04.

The turnaround, according to the MIDHANI Chairman and Managing Director, Devasis Chowdhury, was possible after the hi-tech metallurgical facility recorded all-time high sales of Rs. 125.11 crores and a profit of Rs. 4.87 crores in the just concluded fiscal.

Mr. Chowdhury said the company was in a position for payment of maiden dividend to the Government of India. MIDHANI could achieve a turnaround in performance through emphasis on order booking for high value and value-added products, cost cutting, manufacturing process and systems improvements in a cordial human relations environment.

MIDHANI supplies rocket motor casings for PSLV and GSLV, engine material for MiG and Kaveri Engine Programme - Light Combat Aircraft, special steels for nuclear power plants, gun barrels and other ordnance for T-72 tanks and Bofors guns among others.

Aerospace spin-off technologies have been employed for diversification into manufacture of a wide range of import-substitute titanium biomedical implants and prosthesis, being marketed at affordable prices for the common man. Steel armour products for bullet proof Tata Safaris, specialised fasteners and fabricated components using special alloys and metals are also supplied by MIDHANI.