PM Modi to dedicate 7 new defence company to the nation today

NEW DELHI: Prime Minister Narendra Modi will dedicate seven new defence companies to the nation today. Centre decided to convert Ordnance Factory Board from a Government Department into seven 100 per cent government-owned corporate entities in order to improve efficiency in the defence sector.

Marking the auspicious occasion of Vijayadashami today, PM will address an event organised by the Defence Ministry through video conferencing. The event will also host Rajnath Singh and representatives from the Defence industry associations.

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According to a release by the Prime Minister's Office, the Government will introduce seven 100 per cent government-owned defence companies in India.

'The government has decided to convert Ordnance Factory Board from a Government Department into seven 100 per cent government-owned corporate entities, as a measure to improve self-reliance in the defence preparedness of the country. This move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation,' the PMO's office said in a statement.

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).

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