Prime Minister Narendra Modi on Friday launched seven new defence companies, which he mentioned will be a massive base for India's military power.
The seven new companies which have been launched 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).
These companies will be having 66 firm contracts worth ₹65,000 crore from the three services and paramilitary forces.
While launching, PM Modi said that India is taking new resolutions to build the country. "The decision to revamp 41 ordnance factories and the launch of these seven companies is a part of this resolution journey. This decision has been pending for the last 15-20 years."