New Delhi, May 29 (PTI) Defence Minister Rajnath Singh has approved the grant of 'Miniratna' status for Armoured Vehicles Nigam Limited (AVNL) and two other DPSUs, officials on Thursday said.

The major products of AVNL include armoured and combat vehicles.

The other two Defence Public Sector Undertakings (DPSUs) are Munitions India Limited (MIL) and India Optel Limited (IOL).

Congratulating these DPSUs for their transformation from a government organisation to a profit making corporate entity in a short span of three years, Singh expressed his satisfaction over the initiatives taken by the management of MIL, AVNL and IOL to increase the turnover of the company, maximise indigenisation and meet other performance parameters for grant of Miniratna (Category-I) status, the Defence Ministry said in a statement.

"Munitions India Limited has achieved significant milestones after inception, including stellar growth in sales from Rs 2,571.6 cr in 2021-22 (H2) to Rs 8,282 cr (provisional) in FY 2024-25," it said.

The major products of MIL include small, medium and high calibre ammunition, mortars, rockets, hand grenades etc. with in-house manufacturing of initiatory compositions, propellants and high explosives.

"AVNL has witnessed a significant growth in sales from Rs 2,569.26 cr in 2021-22 (H2) to Rs 4,986 cr (provisional) in FY 2024-25," the statement said.

AVNL has also achieved 100 per cent indigenisation of engines for all the three platforms viz., T-72, T-90 and BMP-II, the ministry said.

"The major products of AVNL include armoured/combat Vehicles (T-90, MBT Arjun, Infantry Combat Vehicles 'BMP-II Sarath' etc.), support vehicles (MPV, AERV etc.) and Defence mobility solutions (Stallion, LPTA etc.)," it said.

The main products of IOL include opto-electronic systems and vision equipment which are used in land system platforms and weapons like battle tanks T-90, T-72, Infantry Combat Vehicle BMP-II, artillery guns and naval guns.

The bestowal of 'Miniratna' status to MIL, AVNL and IOL will further empower these companies to achieve accelerated growth trajectory and new heights in defence production and exports, the ministry said.

To enhance functional autonomy, efficiency and unleash new growth potential and innovation, erstwhile Ordnance Factory Board (OFB) was converted into seven defence public sector undertakings, including these three DPSUs, with effect from October 1, 2021.

While MIL and AVNL are Schedule 'A' new Defence Public Sector Undertaking (DPSU), IOL is a Schedule 'B' DPSU under the administrative control of the Department of Defence Production (DDP), it said. PTI KND AS AS

Miniratna status granted to three DPSUs to enhance autonomy and accelerate defence production and exports. Grant of Miniratna (Category-I) status to AVNL, MIL and IOL was approved to provide enhanced functional autonomy to support accelerated growth in defence production and exports. Approval is based on their rapid transformation into profit-making corporate entities through increased turnover, performance improvements and indigenisation: MIL's expansion and in house manufacture of ammunition components, AVNL's sales growth and full indigenisation of engines for major armoured platforms, and IOL's production of opto-electronic systems. These companies were formed from the Ordnance Factory Board and are classified as Schedule A (MIL, AVNL) and Schedule B (IOL) DPSUs under the Department of Defence Production.