Bigger or Better: BEL’s biggest shareholder is also its biggest customer – and its rule-maker. Final part

In FY13, the Government of India owned about three-fourths of Bharat Electronics. It was also behind the customer that bought most of what BEL made, and the authority framing the rules under which defence equipment was procured. Over the next 13 years, BEL became much larger and more profitable. Part 3 goes back to what the company said it wanted to do and looks at what actually happened.