On Vijayadashami, PM Modi dedicates 7 defence PSUs carved out of OFB to the nation | Daily Current Affairs 2021
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On Vijayadashami, PM Modi dedicates 7 defence PSUs carved out of OFB to the nation

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Ordnance Factory Board (OFB)

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.

Key Highlights:

  • 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:
    1. Armoured Vehicles Nigam Limited (AVANI)
    2. Munitions India Limited (MIL)
    3. Advanced Weapons and Equipment India Limited (AWE India)
    4. Yantra India Limited (YIL)
    5. Troop Comforts Limited (TCL) (Troop Comfort Items)
    6. India Optel Limited (IOL)
    7. Gliders India Limited (GIL)
  • These companies have commenced business from October 01, 2021.

Background:

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.

Aim:

  • 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).

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