1 min read.Updated: 14 Oct 2021, 06:21 PM ISTLivemint
The Centre recently decided to convert Ordnance Factory Board from a Government Department into seven 100% state-owned corporate entities
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Prime Minister Narendra Modi will dedicate the seven new defence companies to the nation tomorrow (Friday) on the occasion of Vijayadashami. He will deliver a video address in an event organized by the Defence Ministry at around 12:10 PM. Defence Minister, MoS Defence and representatives from the Defence industry associations will be present on the occasion, informed the Prime Minister's Office.
The Centre recently decided to convert Ordnance Factory Board from a Government Department into seven 100% state-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 (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).