NOV-21-BOUDHIK YOJANA
Nov-07-2021 Samachar Sameeksha: Seven New Defence Companies 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. The seven new Defence companies are: Munitions India Limited (MIL), Armoured Vehicles Nigam Limited (AVANI), Advanced Weapons and Equipment India Limited (AWE India), Troop Comforts Limited (TCL) (Troop Comfort Items), Yantra India Limited (YIL), India Optel Limited (IOL) and Gliders India Limited (GIL). These companies have commenced business from October 1, 2021. Describing the decision to convert OFB into seven defence companies as historic, defence minister Rajnath Singh said the move reflects the government's resolve of achieving 'Aatmanirbhar Bharat'. "The objective of this restructuring is to transform ordnance factories into productive, and profitabl...