New Indian defence
companies will become
a global brand: Modi

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7

NEW DELHI: India’s Prime Minister Narendra Modi on Friday said that the seven new defence companies, launched today, would not only achieve expertise in the field of manufacturing equipment but also become a global brand.
The companies would manufacture equipment including ammunition, explosives, army vehicles, advance 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,” said the Prime Minister at the launch of seven defence companies at an event organized by the Defence Ministry on the DRDO Campus here.
“Our objective is that every company not only achieve expertise in this field and become a global brand. Competitive cost is our strength. Quality and reliability should be our identity,” said Modi.

NEW DELHI: Prime Minister Narendra Modi addresses at the Bhoomi Poojan ceremony of Hostel Phase-1 built by Saurashtra Patel Seva Samaj in Surat, through video conferencing, in New Delhi on Friday. (ANI Photo)

The decision to revamp 41 ordinance factories and the launch of seven new companies is a part of this journey of the country.
This decision was pending for the last 15-20 years.
“I am confident that all these seven companies will become a major base of India’s military power in the coming times,” said PM Modi.
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 defence preparedness of the country.
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).

7 new defence companies launched

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.
“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 the Prime Minister. “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
The government of India has brought in long-awaited reforms by creating seven new defence companies to further self-reliance. The seven companies are being launched DRDO campus, Delhi on the occasion of Dussehra. Defence Minister Rajnath Singh was also present at the launch.

Aim to bring India among top countries

in Defence sector, says Rajnath Singh

Defence Minister Rajnath Singh on Friday said that the aim of the government is to bring India among the top countries of the world in the field of the Defence sector.
While addressing the launch event of seven new Defence companies he said, “Our aim is to bring India among the top countries of the world in the field of the Defence sector, from design to production, and export, with the active participation of public and private sector.” Singh said that taking forward our resolve of ‘Aatmanirbhar Bharat’, the Government of India has taken the historic decision to convert the Ordnance Factory Board (OFB), a subordinate office of the Ministry of Defence into seven new 100 per cent government-owned corporate entities with professional management.

NEW DELHI: Prime Minister Narendra Modi inaugurates the Bhoomi Poojan ceremony of Hostel Phase-1 built by Saurashtra Patel Seva Samaj in Surat, through video conferencing, in New Delhi on Friday. (ANI Photo)

“Today, seven new Defence Public Sector Undertakings (DPSU)—MIL, AVANI, AWE, TCL, YIL, IOL, GIL– are being dedicated to the nation in the course of the reformative change. There could hardly have been a better opportunity for such reforms to achieve its new objectives,” said the Defence Minister.
He further said that the Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024.
“Today, the Defence sector is moving fast on the path of ‘self-reliance’ and ‘make for the world’. The Defense Ministry has set a target of achieving a turnover of Rs 1,75,000 crore by 2024 in aerospace and defence goods and services, including exports of Rs 35,000 crore,” said Singh.
As part of the corporatisation of the Ordnance Factories, the Central government is launching seven new companies.
The government is converting Ordnance Factory Board (OFB) into corporate entities.
These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.
The new companies are – Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, Yantra India Limited. (ANI)