Leadership Vision Mission Human Resources Social Responsibility Production Unit History Legacy

Leadership

Driving Precision. Powering Defence Excellence.

Shri M C Balasubramaniam

Shri M C Balasubramaniam

Chairman & Managing Director

Shri MC Balasubramaniam took charge as the Chairman and Managing Director of Gliders India Limited (GIL) on 23.01.2025, a prominent DPSU in Defence manufacturing. Shri MC Balasubramaniam, a 1999 Batch IOFS Officer, started his professional journey on 03.01.2000 as Probationary Officer in the esteemed National Academy of Defence Production after completing B.Tech from the prestigious Central Leather Research Institute of India. Prior to joining as CMD/GIL, he was holding the charge of the General Manager of Ordnance Parachute Factory Kanpur, a unit under the aegis of Ministry of Defence.

Earlier, during his posting in Ordnance Equipment Factory Kanpur, Ordnance Clothing Factory Avadi and Ordnance Equipment Factory Hazratpur at various capacities, he played a pivotal role in the area of Operations, R&D, supply chain management, Marketing & Export, New Product Development, Quality Control, Strategic Planning, Finance & Accounts, Production, Administration, etc. In an illustrious career spanning over more than 25 years, he has a very diverse career profile ranging from manufacturing of various types of critical Parachutes, Inflatables, Troop Comforts Equipments, Extreme Cold Climate Gears, Technical Textiles etc. for Indian Armed Forces, MHA and exports.

Professional Milestones

2000-01-03 → 2010-12-31

Probationary & R&D Officer

Began career at the National Academy of Defence Production. Led operational research, indigenous design optimization, and initial parachute engineering testing.

2011-01-01 → 2024-12-31

General Manager

General Manager at Ordnance Parachute Factory Kanpur. Supervised manufacturing of extreme climate gear, high-altitude parachutes, and troop comforts.

2025-01-23 → Present

Chairman & Managing Director

Assumed command as CMD of Gliders India Limited. Directing national defense strategies, strategic corporate accounts, and global aerospace business development.

Shri Siba Prasad Patnaik

Shri Siba Prasad Patnaik

Director Finance

Current Role: Shri Siba Prasad Patnaik is the Director (Finance) & Chief Financial Officer (CFO) of Gliders India Limited (GIL), a premier Defence Public Sector Undertaking (PSU) under the Ministry of Defence.

Educational Background: He holds a Master of Commerce in Finance (M.Com), is a qualified Corporate Management Accountant (CMA), and possesses a Post Graduate Diploma in Personnel Management (PGDPM) alongside an L.L.B. degree.

Industry Experience: A seasoned executive with over three decades of diversified financial experience across core industries, including Power (Thermal, Hydro, Solar, Wind, and Pumped Storage), Coal Mining, Steel, and Defence Production.

Career Trajectory: Prior to joining GIL, he built a distinguished career spanning public and private enterprises, including leadership roles at Jindal Steel & Power Limited, THDC India Limited, and NLC India Limited (a Navratna CPSE), where he served as Chief General Manager (Finance).

Core Competencies: His key functional competencies lie in Treasury & Fund Management, Corporate Accounts & Costing, Project Finance & Financial Closure, Strategic Contract Management, Investor Relations, Corporate Governance, and statutory compliance.

Professional Milestones

2017-01-01 → 2025-12-31

Treasury & Financing Excellence

  • Large-scale Debt Refinancing: Led a major refinancing initiative for a ₹12,531 crore loan at NUPPL (a joint venture of NLC India), negotiating a rate reduction from 11% to 8.75% p.a. to achieve substantial interest cost savings.
  • Capital Mobilisation: Successfully orchestrated financial closures aggregating more than ₹17,200 crore between 2017 and 2025 utilizing mixed instruments like bonds and rupee term loans.
  • Credit Rating Sustenance: Maintained NLC India’s highest “AAA (Stable)” credit rating for more than seven consecutive years via strategic stakeholder and credit agency interactions.
  • Bank Guarantee Optimisation: Successfully renegotiated bank guarantee commission rates down from 0.34% to 0.12% p.a., generating ₹2.35 crore in recurring annual savings.
→ Present

Working Capital & Governance Improvements

  • Debtor Liquidity: Introduced a Sales Bill Discounting mechanism that successfully halved outstanding receivables from ~₹9,000 crore to ~₹4,500 crore.
  • Short-Term Funding Shifts: Transitioned conventional cash credit facilities toward Commercial Papers (CPs) and optimized short-term instruments, yielding savings of roughly ₹170 crore.
  • Early ESG Integration: Spearheaded the early deployment of ESG (Environmental, Social, and Governance) Reporting at NLC India during FY 2021-22 ahead of legislative mandates.
  • Digital & ERP Transformations: Directed the implementation of ERP Fixed Assets and Banking Modules at THDC India Limited, successfully introducing asset componentisation ahead of statutory Ind AS requirements.
  • GIL Financial Frameworks: Strengthened Internal Financial Controls (IFC), compliance, and product costing at Gliders India Limited, playing a definitive role in international export price fixation to expand profitability.
→ Present

Employee Welfare Initiatives

  • Corporate NPS Migration: Led the barrier-free migration of employee pension funds to the National Pension System (NPS), safely moving an initial batch of ₹96 crore for 661 employees while securing a complete waiver on the 2% withdrawal charges.
  • GIL Salary Benefits: Formulated and introduced an upgraded, best-in-class Corporate Salary Package for Gliders India Limited employees at zero additional cost to either the workforce or the enterprise.
2013-01-01 → 2026-12-31

Institutional & Social Contributions

  • Disaster & Emergency Service: Provided on-the-ground volunteer assistance during the 2013 Kedarnath flood crisis and served as an active panel member on the Standing Committee for Emergency Procurements during the COVID-19 pandemic.
  • Academic Administration: Served for over five years as the Honorary Treasurer of the Jawahar Education Society in Neyveli, managing the financial operations of institutions catering to 10,000+ students and 500+ staff members.
  • Thought Leadership: Co-authored the research paper “Greenfield Projects in India – An Effort Driving Sustainable Development” (published in 2026) and was featured in an exclusive interview for the October 2025 issue of The Management Accountant magazine.
2022-01-01 → 2026-12-31

Major Awards & Recognition

  • CFO of the Year Award (2026): Conferred by Indian Achievers Forum in recognition of exceptional professional excellence and transformative contributions to India’s Viksit Bharat @2047 vision through comprehensive socio-economic development.
  • NLC Excel Award (2022): Conferred in recognition of outstanding performance, innovation, and cost control improvements in Treasury & Working Capital Optimization.
  • Management Commendations: Received multiple official expressions of appreciation from corporate boards for landmark refinancing deals, banking charge reductions, and employee welfare fund transitions.
Smt. Rolley Mahendra Varma

Smt. Rolley Mahendra Varma

Nominee Director

Smt Rolley Mahendra Varma is serving as Deputy Director General (DDG) – Indigenization in the Department of Defence Production, Ministry of Defence, Government of India. She joined IOFS cadre, M/o Defence, Ordnance Factory Board in the year 1994. She had served in various capacities in the M/o Defence, Ordnance Factory Board, Ministry of Information and Broadcasting, Central Vigilance Commission, Niti Aayog and Small Arms Factory, Kanpur. She has a vast and rich experience of over 32 years in wide array of fields like financial matters of employees, vigilance matters, functioning of media units, policy matters related to infrastructure connectivity and mobility, etc.

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