On the auspicious occasion of Vijayadashami, Prime Minister Modi will dedicate seven new defense companies to the nation on Friday afternoon.
- Another step towards self-reliance
- This decision will create new possibilities of development
New Delhi: Prime Minister Narendra Modi will dedicate to the nation seven new defense companies formed from the Ordnance Factory Board on Friday. As a measure to increase self-reliance in defense preparedness of the country, the government has decided to convert the Ordnance Factory Board from a government department into a 100 per cent government owned corporate company.
- Here are seven companies
The seven new defense companies that have been listed include: Munitions India Limited (MIL), Armored Vehicles Corporation Limited (Avni), Advanced Weapons and Equipment India Limited (AWE India), Troop Comforts Limited (TCL), Yantra India Ltd. (YIL), India Optel Limited (IOL) and Gliders India Limited (GIL).
A statement issued by the Prime Minister’s Office (PMO) said that on the auspicious occasion of Vijayadashami, Prime Minister Modi will address a program organized by the Ministry of Defense on Friday afternoon to dedicate seven new defense companies to the nation. Defense Minister, Minister of State for Defense and representatives of Defense Industry Associations will be present on this occasion.
- The decision was taken in the year 2019
In the year 2019, the government had decided to incorporate the Ordnance Factory Board (OFB). Consequent to the government’s decision to convert the OFB, the government constituted an Empowered Group of Ministers (EGoM) headed by the Defense Minister to oversee and guide the entire process.
Earlier, OFB controlled 41 factories, which employed more than 70,000 people. Its annual turnover was around Rs 19,000 crore. All this has now been distributed to seven Defense Public Sector Units (DPSUs).
The employees belonging to Group A, B and C of the dissolved OFB from both production and non-production units have been transferred to the new DPSU.