New Defence Companies: The Prime Minister of India Shri Narendra Modi recently dedicated seven new defence companies, carved out of Ordnance Factory Board (OFB), to the Nation.
- These new defence companies were dedicated to the nation at a function organized by Ministry of Defence (MoD).
- The function was organized on the occasion of ‘Vijayadashami’ in New Delhi on October 15, 2021.
- The seven new Defence companies are:
- Armoured Vehicles Nigam Limited (AVANI)
- Munitions India Limited (MIL)
- Advanced Weapons and Equipment India Limited (AWE India)
- Yantra India Limited (YIL)
- Troop Comforts Limited (TCL) (Troop Comfort Items)
- India Optel Limited (IOL)
- Gliders India Limited (GIL)
- These companies have commenced business from October 01, 2021.
The Government, to enhance functional autonomy, efficiency and to unleash new growth potential & innovation, had decided to convert OFB 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.
- The main aim of this move is to improve India’s self-reliance in defence preparedness.
- The Government’s move of restructuring was done with the following objectives:
- To transform Ordnance Factories into productive & profitable assets
- To improve expertise in product range
- To improve quality
- To enhance cost-efficiency
- To increase competitiveness
- To ensure self-reliance in defence preparedness.
About Ordnance Factory Board (OFB):
- OFB is an organization working under the Department of Defence Production (DDP) of Ministry of Defence (MoD).
- There were 41 Indian Ordnance Factories which now have been converted into 7 Defence Public Sector Undertakings (DPSUs).