In a groundbreaking development, Prime Minister Narendra Modi will dedicate the seven new defence companies to the nation on the auspicious occasion of Vijayadashami today. PM Modi will deliver a video address at an event organised by the Defence Ministry. Defence Minister Rajnath Singh and the top representatives from the Defence industry associations will also be present on the occasion.
A release from the PMO office reads – “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 seven new Defence companies that have been incorporated are Munitions India Limited Advanced Weapons and Equipment India Limited; Armoured Vehicles Nigam Limited,Troop Comforts Limited, India Optel Limited, Yantra India Limited,and Gliders India Limited.