PM Modi to launch seven new Defence PSUs on October 15
New Delhi: Prime Minister Narendra Modi will deliver a video address at an event organised by the Defence Ministry to dedicate seven new defence companies (Seven new Defence PSUs) to the nation on the auspicious occasion of Vijayadashami on Friday, the PMO said on Thursday. Defence Minister Rajnath Singh and representatives from the defence industry associations will be present on the occasion.
Referring to the seven new defence companies, the Prime Minister's Office (PMO) said the government has decided to convert Ordnance Factory Board from a department into seven fully 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 and efficiency and will unleash new growth potential and innovation, it said.
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), the PMO said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)