NEW DELHI: Prime Minister Narendra Modi said that the centre launched seven new defence companies which will be a massive base for India's military power.
"Decision to revamp 41 ordnance factories and the launch of these seven companies is a part of this resolution journey. This decision had been pending for the last 15-20 years," he said.
The seven new defence companies;
1. Munitions India Limited (MIL)
2. Armoured Vehicles Nigam Limited (AVANI)
3. Advanced Weapons and Equipment India Limited (AWE India)
4. Troop Comforts Limited (TCL)
5. Yantra India Limited (YIL)
6. India Optel Limited (IOL)
7. Gliders India Limited (GIL).
These companies have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.