Tata Motors expects 10-12% growth in defence exports' revenue annually

Tata Motors said it expects a 10-12% yearly growth in revenue from defence exports in the next few years.

The auto major is a leading supplier of defence vehicles.

Exports currently constitute 15% of the company's overall defence revenue, and is likely to grow at 10-12% per annum in the future, Tata Motors Vice-President for defence and government business, Vernon Noronha, told reporters here.

Exact figures on the company's overall defence revenues were not immediately known. At the Group level, Tata said it expects to close the current fiscal with a 7.5% growth in revenues from defence and aerospace at Rs 2,650 crore.

The company exports to the Saarc countries and Africa at present and is looking at the Asean region, including nations like Myanmar, Thailand and Indonesia, as an emerging market opportunity, Noronha said.

Aid and development markets in West and Central Africa is also an interesting opportunity, he said.

Among its products portfolio, the thrust is on multi- axle combat support vehicles, light armoured and combat vehicles when it comes to the defence exports, he said.