New Delhi [India], October 15 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.
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).
( With inputs from ANI )
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