PM Modi launches 7 new defence companies in India
Indian Prime Minister Narendra Modi has launched seven new companies that will enter the defence sector and said that he hoped all these companies would become the basis of the country's strength. The seven companies are being launched at the DRDO campus, Delhi, on the occasion of Dussehra.
"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 PM Modi.
"I urge these seven companies to prioritise research and innovation in their work culture. You've to take the lead in future technology, give opportunities to researchers. I would also urge start-ups to collaborate with these seven companies," he added.
The companies would manufacture equipment, including ammunition, explosives, army vehicles, advanced 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," PM Modi said at the launch of seven defence companies at an event organised by the Defence Ministry on the DRDO Campus.
This decision has been pending for the last 15-20 years. 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 country's defence preparedness.
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).
(ANI)