New Delhi: Seven new defence companies, carved out of Ordnance Factory Board (OFB), were dedicated to the Nation at a function organised by Ministry of Defence on the occasion of ‘Vijayadashami’ in New Delhi.
Prime Minister Narendra Modi delivered a video address during the event. Raksha Mantri Rajnath Singh presided over the ceremony at Kothari Auditorium, DRDO Bhawan.
To enhance functional autonomy, efficiency and unleash new growth potential & innovation, Government had decided to convert OFB 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.
Seven new Defence companies are: Munitions India Limited (MIL); Armoured Vehicles Nigam Limited (AVANI); Advanced Weapons and Equipment India Limited (AWE India); Troop Comforts Limited (TCL) (Troop Comfort Items); Yantra India Limited (YIL); India Optel Limited (IOL) and Gliders India Limited (GIL).
These companies have commenced business from October 01, 2021.