Prime Minister Narendra Modi on Friday launched seven new defence companies which will replace 41 ordnance factories under the Ordnance Factory Board.
Earlier this month, the Centre had dissolved the Ordnance Factory Board and said that seven defence public sector undertakings will take over its operations.
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On Friday, Modi said that the seven new companies will “improve India’s self-reliance and defence preparedness”. The firms have already received orders worth Rs 65,000 crore, the prime minister claimed.
“Under the Atmanirbhar Bharat campaign, we aim to make the nation the world’s biggest military power on its own and develop a modern military industry here,” he said.
He added said that the 41 ordnance factories had been in operation for 150 years and needed an upgrade to adopt new-age technologies.
“The seven corporate entities will improve the defence infrastructure and help India become a global brand,” he said. “ Competitive cost is our strength and quality is our image,”
The seven new defence companies that have been incorporated are Munitions India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited and Gliders India Limited, the prime minister’s office said in a release.