Prime Minister Narendra Modi will announce seven new defence companies as part of the central government’s effort to modernise the defence sector on Friday, especially to mark the auspicious occasion of Vijayadashami. The prime minister will deliver a video address during an event organised by the defence ministry.
Defence minister Rajnath Singh and minister of state defence and representatives from the industry will also be present. Referring to the seven new defence companies, the Prime Minister’s Office (PMO) said the government has decided to convert Ordnance Factory Board (OFB) from a department into seven fully government-owned corporate entities as a measure to improve self-reliance in the country’s defence preparedness. This move will bring about enhanced functional autonomy and efficiency and will unleash new growth potential and innovation, it said.
The seven new defence companies that have been incorporated are Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVANI), Advanced Weapons and Equipment India Limited (AWE India), Troop Comforts Limited (TCL), Yantra India Limited (YIL), India Optel Limited (IOL) and Gliders India Limited (GIL), the PMO said.
The erstwhile OFB ceased to exist from October 1. Its assets, employees and management were transferred to these seven defence public sector undertakings.