Create ‘bank of metals’ to secure long-term needs, MoD asks PSU

Securing its long-term needs for specialised metals and alloys, which are used for making fighter jets, ships and missiles, the Ministry of Defence, today tasked public-sector undertaking, Midhani, to create a ‘bank of metals’ to ensure availability of critical raw materials.

The MoD said the creation of ‘bank of metals’ would ensure uninterrupted availability of critical raw materials for defence projects.

The Midhani (Mishra Dhatu Nigam Limited) plays a strategic and essential role in India’s defence sector as the nation’s most advanced producer of high-performance alloys, titanium, special steels and other specialty materials used in military equipment, aerospace platforms and missile systems.

Separately, in an effort to reduce import dependence for securing aluminium alloys, used in military and aerospace sector, a special 10,000 tonne capacity metal forging press will be set by Yantra India Limited (YIL).

The YIL and Midhani are defence PSUs, which come under the MoD. YIL has also signed an MoU with two other PSUs — Hindustan Aeronautics Limited (HAL) and Bharat Dynamics Limited (BDL). The HAL makes planes like Tejas and copters like Dhruv, while the BDL makes all types of missiles. HAL has committed an interest-free advance of Rs 435 crore to YIL, while the BDL will provide a sustained demand of 3,000 metric tonnes over 10 years, the MoD said.

These decisions were taken after Defence Minister Rajnath Singh reviewed the performance of 16 Defence PSUs and inaugurated a new office complex for Defence PSUs in New Delhi.