That's a bogus word that should be shot; and, on top of that, there is no such thing as an "exact definition," except in legalistic/bureaucratic fantasies.
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In vino veritas; in cervisia carmen; in aqua E. coli.
Are you in India as it's very likely to be in common useage in India. It is not a correct term in the proper use of the English language. Its use in India is probably equivalent to "weighted average" or "weighting" as we would use. In these cases it would mean that something carries more (or less) weight, more importance than something else.
How would it relate to a production firm - could be a multitude of reasons.
Now, if it were a steel production firm, you may be more likely to hear and use the term "tonnage" - but that is a whole different meaning.