PM Modi to launch seven defence companies

The government has decided to convert the Ordnance Factory Board from a department into seven fully government-owned corporate entities.

Prime Minister Narendra Modi will inaugurate seven new defence companies and dedicate them to the nation on the occasion of Vijayadashami around noon on Friday, the Prime Minister’s Office (PMO) said on Thursday.

The PMO stated that the government has decided to convert the Ordnance Factory Board (OFB) from a department into seven fully government-owned corporate entities to improve self-reliance on the country's defence preparedness.