On auspicious occasion of Vijayadashami PM to dedicate 7 new defence companies

New Delhi, Oct 15: Prime Minister Narendra Modi will inaugurate seven new defence companies on the occasion of Vijayadashami today. The companies have been carved out of the Ordinance Factory Board which had been dissolved by the ministry of defence earlier this year.

On the auspicious occasion, PM Modi will deliver a video address during an event organised by the defence ministry. He would formally announce the seven new defence companies and the government's initiative to modernise the defence sector.

Defence Minister, Rajnath Singh and minister of state for defence Ajay Bhatt will also be present at the ceremony.

The seven new defence PSUs are Munition India Ltd, Armoured Vehicles Nigam Ltd, Advanced Weapons and Equipment India Ltd, Troop Comforts Ltd, Yantra India Ltd, India Optel Ltd and Gliders India Ltd.

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, the Prime Minister's Office said in a release.