PM Modi to inaugurate 7 defence firms carved out of OFB on Oct 15

On October 15, Prime Minister Narendra Modi will formally launch 7 new defence companies carved out of the Ordnance Factory Board 4 months after Union Cabinet cleared the board’s corporatization to boost its efficiency and competitiveness in a much-awaited reform in the country’s defence manufacturing sector, officials familiar with the development said on Monday.

The new entities will be formally launched through video conference on the occasion of Vijayadashami, also known as Dussehra. The government issued an order last month, dissolving Ordnance Factory Board (OFB), effective from October 1. The OFB, which earlier controlled 41 ordnance factories, has been split into 7 government-owned entities that will produce ammunition and explosives, vehicles, weapons and equipment, troop comfort items, opto-electronics gear, parachutes and ancillary products.

These new conglomerates have been named Advanced Weapons and Equipment India Limited, Troop Comforts Limited, India Optel Limited, Munitions India Limited, Avani Armoured Vehicles, Gliders India Limited and Yantra India Limited.

The govt expects the seven new professionally managed entities to increase their share in the domestic market through better capacity utilization and also take advantage of new export opportunities. During the last two decades, various high-level committees highlighted the need to improve the functioning of OFB and make its factories self-reliant for the defense preparedness of the country.

 

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