With the number of terror incidents rising, especially since last year’s attacks on Mumbai, companies dealing in armouring business have started making decent profits as there is a steady increase in the demand for armoured vehicles from the government as well as private entities.
Analysts say the demand for armoured vehicles has risen significantly, by more than 50 per cent. According to insider, various state governments have ordered allied security products like bullet-proof morcha, patka, among others, in addition to bullet-proof vehicles. This part, individuals, including politicians, industrialists and property dealers, have started armouring their vehicles.
Earlier, the government used to buy the armoured vehicles to provide security for Cabinet ministers or its top officials. But with the rise in the number of terror incidents, a few corporate entities, including those which are into liquor business, as well as infrastructure companies are coming forward to get their vehicles armoured.
“In the last financial year, we armoured around 350 vehicles, including Ambassador cars, sports utility vehicles (SUVs) and Army trucks. The ownership ratio for armoured vehicles between the government and private individuals is 70:30. We expect the ratio to be 60:40 in the near future,” Sunchit Sobti, director of Jalandhar-based Laggar Industries, told Business Standard.
“We have registered about 50 per cent growth in our business in the last fiscal year as compared to the previous year. Further, with states like Maharashtra, Orissa, Kerala and Goa floating tenders for the first time for allied security products, we expect good volume this year also. Besides, politicians are also coming in good numbers,” he added.
Sobti further said the company had earlier armoured 40 diesel locomotives for the north-eastern region.
Echoing similar sentiments, Anil Kant, CEO of Faridabad-based Indian Armour Systems Pvt Ltd, said: “There is a huge potential in India still untapped. Currently, the armoured vehicles market is pegged at about Rs 500 crore, which can touch Rs 5,000 crore in the next four years. So to tap the potential, we have started the facility of armouring vehicles at our existing Faridabad facility.”
Indian Armour is one of the elite manufacturers of ballistic protection products and provides cutting-edge technology to combat the threats to law-enforcement agencies and their personnel. It has state-of-the-art manufacturing facilities at Faridabad in Haryana.
The company has registered a 385 per cent increase in business in the last financial year.
It is worth noting that the company is one of the worlds most vertical manufacture; from yarn to weaving of ballistic grade Aramid Fabric to a finished product such as Bullet Proof Jackets, Vests, Hard Armour Panels, Bullet Proof Helmets, Bomb Suppression Blankets, Tactical and Combat Gear and Boots.
