New Delhi. Seven new defence companies, carved out of Ordnance Factory Board (OFB), were dedicated to the Nation at a function organised by Ministry of Defence in New Delhi today. Society of Indian Defence Manufacturers (SIDM) congratulates Ministry of Defence on this momentous occasion.
SIDM is looking forward to enhance its cooperation with the seven new Defence companies namely 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).
The defence industry eco-system is very optimistic that this restructuring will transform the ordnance factories, in due course, into more productive and profitable assets, deepen their specialisation in product range, enhance competitiveness and improve quality and cost-efficiency.
Industry members of SIDM welcome this step. Tiered industry partners of erstwhile Ordnance Factories are excited at the prospects of engaging and doing business with these seven new companies who will now adopt corporate standards for their commercial activities – from vendor development, tendering, contracting to payment systems etc. It is a welcome step towards pushing the envelope of performance as far as competitiveness and performance is concerned.
In his message during the ceremony Prime Minister Narendra Modi mentioned that these new companies would play an important role in import substitution, in line with the vision of ‘Atmanirbhar Bharat’. SIDM will work in close coordination with Ministry of Defence to fulfil this cherished national goal.
Echoing the Prime Minister’s message Jayant Patil, President, SIDM said “Defence Industry of our country is aspiring to become a global brand. As envisioned by the Hon’ble Prime Minister Industry can leverage mutual strengths to enhance India’s competitiveness with global quality, reliability backed by R&D and innovation to be a force to reckon with in the Global stage.”
Sunil Misra, Director General, SIDM who attended the function with other SIDM Secretariat officials said “We were lucky to witness this historic moment. SIDM is looking forward to integration of these new companies into the overall defence manufacturing ecosystem and will do everything possible to facilitate this transition to corporatisation and enhance efficiency and market orientation”.