Prime Minister Narendra Modi will dedicate the seven new defence companies to the nation on the auspicious occasion of Vijayadashami today and address the nation at an event organised by the Defence ministry.
Defence Minister Rajnath Singh and representatives from the Defence industry associations will be present on the occasion.
According to a release by the Prime Minister’s Office, 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, it 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).