Watch: PM Modi launches 7 new defence PSUs on Vijayadashmi; OFB dissolved

Prime Minister Narendra Modi inaugurated seven new defence companies on Vijayadashami. PM Modi said the seven companies will contribute to India’s military strength in future. The seven companies are carved out of Ordnance Factory Board (OFB). OFB was dissolved by the Defence Ministry earlier this year. The Assets of the 200-year-old OFB were divided into these seven DPSUs. "I am confident that all these seven companies will become a major base of India's military power in the coming times," said PM Modi. The seven new defence companies that have been incorporated 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).