Bharat Earth Movers Limited (BEML), a defence public sector utility, has signed a memorandum of understanding (MoU) with the defence ministry for the financial year of 2017-18. The MoU outlines BEML's various performance targets during the year, including the revenue target of Rs 3,000 crore.
"The revenue from operations has been targeted at Rs 3,000 crore, which is 16 per cent increase over the previous year," the defence ministry said in a statement.
The MoU was signed between Ashok Kumar Gupta, secretary - defence production, on behalf of the defence ministry and DK Hota, CMD, BEML.
Under the MoU, BHEL needs to give 50 per cent of importance on measuring financial performances while remaining 50 per cent on sector specific parameters like CAPEX and client order servicing.
BEML is a miniratna schedule 'A' central public sector enterprise under the Department of Defence Production. It specialises in manufacturing ground support equipment such as high-mobility trucks, vehicles for missile projects, tank transportation trailers and aircraft weapon loading trolleys. The PSU also manufactures high-power diesel engines and heavy duty hydraulic aggregates.