On Vijayadashami, PM Modi dedicates 7 new defence companies to nation. These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.
New Delhi [India], October 15 : Prime Minister Narendra Modi on Friday dedicated the seven new defence companies to the nation on the auspicious occasion of Vijayadashami at an event organized by the Defence Ministry. Defence Minister Rajnath Singh, National Security Advisor Ajit Doval and representatives from the Defence industry associations were also present on the occasion. The seven companies are being launched DRDO campus, Delhi on the occasion of Dussehra.
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I urge these 7 companies to prioritise 'research and innovation' in their work culture. You've to take lead in future technology, give opportunities to researchers. I would also urge startups to collaborate with these 7 companies: PM Modi on dedication of 7 new defence companies pic.twitter.com/SaUBhMiipH
“The seven new companies that are going to enter the defence sector today will fulfil the resolve of a capable nation. I hope that all these companies will become the basis of the strength of the country,” said the Prime Minister.
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).
The Government has decided to convert Ordnance Factory Board 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.
“I urge these 7 companies to prioritise ‘research and innovation’ in their work culture. You’ve to take lead in future technology, give opportunities to researchers. I would also urge startups to collaborate with these 7 companies,” PM Modi further added.
The government of India has brought in long-awaited reforms by creating seven new defence companies to further self-reliance.
This move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation.
As part of the corporatisation of the Ordnance Factories, the Central government is launching seven new companies. These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.
New defence companies will not only achieve expertise but also become a global brand
ANI | Updated: Oct 15, 2021 13:50 IST
Prime Minister Narendra Modi on Friday said that the seven new defence companies, launched today, would not only achieve expertise in the field of manufacturing equipment but also become a global brand. The companies would manufacture equipment including ammunition, explosives, army vehicles, advance weapon, troop comfort items, optical electronics, and parachutes. “One company would produce ammunition and explosives. Another company will manufacture army vehicles, advance weapons, troop comfort items, optical electronics or parachutes,” said the Prime Minister at the launch of seven defence companies at an event organized by the Defence Ministry on the DRDO Campus here. “Our objective is that every company not only achieve expertise in this field and become a global brand. Competitive cost is our strength. Quality and reliability should be our identity,” said Modi. The decision to revamp 41 ordinance factories and the launch of seven new companies is a part of this journey of the country. This decision was pending for the last 15-20 years. “I am confident that all these seven companies will become a major base of India’s military power in the coming times,” said PM Modi. According to a release by the Prime Minister’s Office, the Government has decided to convert Ordnance Factory Board 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. This move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation, it said in a statement.
Aim to bring India among top countries in Defence sector, says Rajnath Singh
New Delhi [India], October 15 : Defence Minister Rajnath Singh on Friday said that the aim of the government is to bring India among the top countries of the world in the field of the Defence sector. While addressing the launch event of seven new Defence companies he said, “Our aim is to bring India among the top countries of the world in the field of the Defence sector, from design to production, and export, with the active participation of public and private sector.” Singh said that taking forward our resolve of ‘Aatmanirbhar Bharat’, the Government of India has taken the historic decision to convert the Ordnance Factory Board (OFB), a subordinate office of the Ministry of Defence into seven new 100 per cent government-owned corporate entities with professional management. “Today, seven new Defence Public Sector Undertakings (DPSU)—MIL, AVANI, AWE, TCL, YIL, IOL, GIL– are being dedicated to the nation in the course of the reformative change. There could hardly have been a better opportunity for such reforms to achieve its new objectives,” said the Defence Minister. He further said that the Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024. “Today, the Defence sector is moving fast on the path of ‘self-reliance’ and ‘make for the world’. The Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024 in aerospace and defence goods and services, including exports of Rs 35,000 crore,” said Singh. As part of the corporatisation of the Ordnance Factories, the Central government is launching seven new companies. The government is converting Ordnance Factory Board (OFB) into corporate entities. These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces. The new companies are – Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, Yantra India Limited.
