Economy India

India forms seven new Defence Companies

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by

modestadorsett

On the auspicious occasion of Vijayadashami, Prime Minister Narendra Modi will launch the seven new Defence Companies, on 15th October 2021. The launching event is being organized by the Defence Ministry. Prime Minister Narendra Modi will deliver a video talk. Defence Minister, MoS Defence and representatives from the Defence industry associations will be present on the occasion.

The Government has decided to convert Ordnance Factory Board from a Government Department into seven 100% 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, Government said.

Image: Economy India

7 New Defence companies are:

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).

(Economy India)