In a stunning turnaround that would make even the most ambitious startups envious, India’s defense exports have skyrocketed by a jaw-dropping 30-fold in just a decade. The once-sleepy sector has awakened with a roar, with the United States emerging as the top customer for India’s military wares.
In the first quarter of the 2024-2025 fiscal year, exports jumped 78% to Rs 6,915 crore (approximately $864 million), compared to Rs 3,885 crore (approximately $485 million) in the same period last year.
To put this in perspective, that’s more than half of what India exported in the entire year of 2013-14 ($110 million), achieved in just three months!
The 2023-2024 fiscal year saw record exports of Rs 21,083 crore (approx $2.63 billion), a 32.5% increase from the previous year’s Rs 15,920 crore ($1.99 billion).
Among the Defence Public Sector Undertakings (DPSUs), the state-run Munitions India, which produces rockets, artillery shells, and other munitions, leads in defense exports.
However, when it comes to the private sector, many might assume that well-known groups like Tata, Adani, Mahindra, or the Kalyani Group would top the list. Contrary to this assumption, the Defence Ministry data reveals that Bengaluru-based Indo-MIM is actually India’s leading private defense exporter.
Bangalore’s Secret Weapon
Headquartered in Bangalore, Indo-MIM is a leading manufacturer of metal injection molding (MIM) parts, with operations spanning multiple sectors.
Founded in 1996 as AF Technologies India, a 50-50 joint venture between North American MIM company Precision Castparts Corp – Advanced Forming Technologies (PCC-AFT) and Indo-American industrialist Dr. Krishna Chivukula, Indo-MIM has grown into a global leader in metal injection molding (MIM) technology.
The venture aimed to create a manufacturing base for MIM products in India. This partnership with PCC provided the fledgling company with a strong technological foundation and access to the vital U.S. market.
In 2001, Dr. Krishna Chivukula Sr. acquired full ownership of the venture from PCC-AFT, leading to the creation of Indo-MIM. Krishna Chivukula Sr., who served as the first President, later handed over leadership to his son, Krishna Chivukula Jr., in 2004.
Currently, Krishna Chivukula Jr. serves as the CEO of Indo-MIM Pvt Ltd, while Parasuraman Balasubramanian holds the position of CFO. Both also serve as directors of Indo-MIM TPT Private Limited.
Indo-MIM’s early roots as a joint venture with a U.S. company gave it strong ties to the North American MIM market from the outset. Over time, the company expanded its global presence, establishing operations in the USA, China, Japan, Korea, Taiwan, and Germany.
Indo-MIM’s Product Range & Global Presence
Today, Indo-MIM is one of the world’s foremost suppliers of precision-engineered products utilizing MIM as the core manufacturing technology. In addition to its operations in India, Indo-MIM has manufacturing facilities in the United States and the United Kingdom.
The company has expanded beyond its MIM roots to offer Ceramic Injection Molding (CIM), Investment Casting (IC), Additive Manufacturing/3D Printing, Precision Machining, and Automation Solutions. Indo-MIM serves customers in over 50 countries across various sectors, including defense, automotive, medical, aerospace, and industrial products.
The company has expanded its expertise to include precision investment casting, aerospace machining and special processes, metal powders for additive manufacturing and thermal spray applications, and automation jigs and fixture solutions.
According to INDO-MIM, the company boasts the world’s largest MIM production infrastructure, capable of processing over 1,800 metric tons of feedstock annually.
The company also has the largest in-house tool room in the metal injection molding industry, producing approximately 900 MIM molds per year. Indo-MIM’s precision machining capabilities are critical to serving the medical device and defense industries, positioning it as a comprehensive engineering solutions provider with the largest installed capacity globally.
Breaking The Mold
But Indo-MIM’s rise isn’t just a story of corporate success. It’s a testament to the power of policy change.
Interestingly, India’s defense export strategy has undergone significant changes since 2014. Prior to August 2014, the country lacked a dedicated policy, with exports managed under the Foreign Trade Policy.
In September 2014, the Modi government introduced a formal Strategy for Defense Exports, focusing on promotion, facilitation, and regulation.
This shift in policy has contributed to the dramatic increase in defense exports, from a modest $110 million in fiscal year 2013-14 to the current levels ($864 million in three months).
While Indo-MIM leads the charge in the private sector, it’s not alone. Companies like MKU, SSS Defence, and Tonbo Imaging are also making waves in the global defense market.
As India continues to strengthen its position in the global defense market, companies like Indo-MIM are crucial in driving growth and innovation in the sector.
- Shubhangi Palve is a defense and aerospace journalist. Before joining the EurAsian Times, she worked for E.T. Prime. In this capacity, she focused on covering defense strategies and the defense sector from a financial perspective. She offers over 15 years of extensive experience in the media industry, spanning print, electronic, and online domains.
- Contact the author at shubhapalve (at) gmail.com
