Prime Minister Narendra Modi launched seven new defence companies and said they will be a huge base for India's military power. Addressing the launch event of these companies, PM Modi said, “India is taking new resolutions to build a new future. The decision to revamp 41 ordnance factories and the launch of these seven companies is a part of this resolution journey. This decision has been pending for the last 15-20 years."
The seven new companies which have been launched 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). They will have 66 firm contracts worth ₹65,000 crore from the three services and paramilitary forces.
Pointing out that India's ordnance factories were the most powerful globally at one period of time, Prime Minister Modi said that these factories had the experience of more than 100 to 150 years.
The Prime Minister also urged start-ups to be a part of this journey in the country's defence sector.
Defence minister Rajnath Singh, who was also present during the launch, said the Centre is aiming to bring India among the top countries across the globe in the field of the defence sector.
The release added that the move will bring about enhanced functional autonomy, efficiency and will unleash new potential and innovation.