InvestorQ : Can you tell me about the seven defence companies that Prime Minister Modi dedicated to the nation on Vijayadashami day?
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Can you tell me about the seven defence companies that Prime Minister Modi dedicated to the nation on Vijayadashami day?

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Moii Chavate answered.
2 months ago
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The Prime Minister, Narendra Modi, has dedicated the 7 new defence companies to the nation on the holy occasion of Vijayadashami. The dedication was done via video conference and was attended by the Defence minister as well as the representatives from the Defence industry associations. The Ordnance Factory Board will be converted into seven fully government-owned entities as a boost for greater self-reliance in the defence space.

The seven new Defence based corporate entities will include Munitions India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons & Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited and Gliders India Limited. This will ensure greater operational autonomy to the seven entities and will also ensure greater accountability for the various entities.

In the last couple of years, the government has taken aggressive steps to in-source most of the defence production locally rather than depending on imports. This had already opened up a huge opportunity window for the defence private sector and public sector. The Ordnance Factory Board was too unwieldy a structure and the government felt that a split corporate structure would be more amenable and also easier to manage over time.

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