7 new companies to boost defence sector with new-age tech: PM Modi
NEW DELHI: Prime Minister Narendra Modi on Thursday launched seven new companies that are going to enter the defence sector and said that he hoped all these companies would become the basis of the strength of the country.
In a major reform initiative, the seven state-run defence companies were created after dissolving the over 200-year-old Ordnance Factory Board (OFB). The assets of the OFB including its 41 ordnance factories were transferred to the seven new firms.
Addressing the launch event of these companies on the occasion of Vijaya Dashami, PM Modi said, “India is taking new resolutions to build a new future.
The seven new companies which have been launched are—Munitions India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, Yantra India Limited, India Optel Limited (IOL) and Gliders India Limited (GIL).
"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," PM Modi said in his video address.
"I urge these seven companies to prioritise research and innovation in their work culture. You've to take lead in future technology, give opportunities to researchers. I would also urge startups to collaborate with these seven companies," the Prime Minister said.
According to a release from the Prime Minister's Office (PMO) on Thursday, the Centre decided to convert the Ordinance Factory Board from a government department into seven 100% government-owned corporate companies in order to improve self-reliance in the defence preparedness of India.
The government of India has brought in long-awaited reforms by creating seven new defence companies to further self-reliance.
Defence Minister Rajnath Singh was also present at the launch.
(With inputs from agencies)