Saturday, June 19, 2021
HomeBusinessEssar Steel ventures into defence manufacturing sector

Essar Steel ventures into defence manufacturing sector

Essar Steel has forayed into high-growth defence manufacturing sector by developing steel grades which find application in land and naval defence. The company has developed several products which are import substitutes as well as innovated to develop indigenous armour plate for ballistic protection, Essar Steel said in a statement.

The estimated expenditure in defence sector is over USD 200 billion over the next five years. Essar Steel’s import substitute products have been used in the construction of advance naval destroyers, offshore patrol vessels and floating docks.

They also provide ballistic protection to combat vehicles and battle tanks. In addition, Essar Steel products are used in the construction of Coast Guard vessels and in the repair of naval ships.

Essar Steel aims to participate in the indigenisation of products used in Naval Defence, including naval destroyers, offshore patrol vessels used by both Navy and Coast Guard, rocket launchers, floating docks and submarines.

In Land Defence, their products are used for battle tanks, motor casing of missiles, mine protected and combat vehicles, military and civil vehicles, artillery guns, morcha and machan.

“The defence sector is witnessing exponential growth. Essar Steel would like to be a part of this growing segment so we can capitalise on our strengths, which include state-of-the-art manufacturing and product development,” Essar Steel MD and CEO Dillip Oommen said.

“We have developed an excellent track record by successfully supplying steel to many defence projects. This has given us the confidence and encouragement to expand our product portfolio for this segment,” Oommen said.

The revised Defence Procurement Policy 2016 encourages ‘Make in India’ and supports indigenous manufacturing of defence equipment and spares. The goal is to achieve an indigenisation level of 60 per cent to 70 per cent, against the existing 40 per cent.

Most Popular

- Advertisment -