Centre launches 7 new defence companies

• 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."