Seven new defence PSU companies, carved out of OFB: Ministry of Defence
Prime Minister Narendra Modi on Friday dedicated Seven new defence PSU replacing the Ordnance Factory Board and said that a single-window system has been put in place instead of stagnant policies to develop India as a major producer of defence equipment.
While central public sector enterprises (CPSEs) in non-strategic sectors are progressively being privatised or wound up and even many public sector banks (PSBs) are also going to be in private hands, Seven new defence PSUare being born in the defence sector. Prime minister Narendra Modi on Fiday announced creation of seven state-run defence companies that will enjoy full functional autonomy and have decisive R&D orientation.
In addition of Aatmnirbharat move Ministry of Defence initiated new move with Seven new defence psu 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 on October 15, 2021. This will 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. This decision was pending in the last 20 years. This step will promote indigenous making projects more faster.
“After Independence, we needed to upgrade these factories, adopt new-age technology. But it was not given much attention. Over time, India became dependent on foreign countries for its strategic needs. These new seven defence companies will play a big role in bringing change in this situation,” he said in his video address.
The seven new Defence PSU 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)
Gliders India Limited (GIL).
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