New Delhi: Prime Minister Narendra Modi inaugurated seven new government-run defence companies on Friday at an event organised by Defence Ministry and said that they will become a global brand. The inauguration took place on the DRDO Campus on the occasion of Vijaya Dashami.Also Read - Former PM Manmohan Singh in AIIMS: Condition Stable, PM Modi Wishes Him Speedy Recovery

The companies will manufacture equipment such as ammunition, explosives, army vehicles, advanced weapon, troop comfort items, optical electronics, and parachutes. During the launch of the seven defence companies, PM Modi said, “One company would produce ammunition and explosives. Another company will manufacture army vehicles, advance weapons, troop comfort items, optical electronics or parachutes.” Also Read - PM Modi Launches Rs 100 Lakh Crore GatiShakti Project, Declares War On 'Sarkari' Culture | Key Points

The newly seven launched companies 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). A total of 66 firm contracts worth Rs 65,000 crore will be under the seven companies. Also Read - With Focus on Infrastructure Development, PM Modi to Launch GatiShakti National Master Plan Today | Key Points

Highlighting the objective of the new launch, Prime Minister Modi further added, “Our objective is that every company not only achieve expertise in this field and become a global brand. Competitive cost is our strength. Quality and reliability should be our identity.”

“The decision to revamp 41 ordinance factories and the launch of seven new companies is a part of this journey of the country. This decision was pending for the last 15-20 years. “I am confident that all these seven companies will become a major base of India’s military power in the coming times,” added Pm Modi.

As per the release from the Prime Minister’s Office (PMO), the government has decided to convert Ordnance Factory Board from a Government Department into seven 100 per cent government-owned corporate entities, as a means to improve self-reliance in the defence preparedness of the country.

Rajnath Singh, the Defence Minister who was also present at Friday’s launch said that the centre aims to bring India among the top countries globally in the field of defence sector.

(With Inputs From ANI)