PM Modi Inaugurates 7 Defence Firms Carved Out Of OFB
On the auspicious occasion of Vijayadashami, Prime Minister Narendra Modi on October 15 launched seven new companies carved out of the Ordnance Factory Board (OFB). The new companies will not only achieve expertise but also become a global brand, he said. The Prime Minister added that the goal of the government is to make the country the world's biggest military power on its own.
Tags: PM Modi, Narendra Modi, ordnance factory board, Defence
Courtesy: Business Standard
Ordnance Factory Board To Split Into 7 Corporate Entities
The 200-year old Ordnance Factory Board is now approved by the government to be split up into seven corporate entities. The OFB looked after 41 ammunition and defence equipment facilities and housed 70,000 employees whose service conditions will not be changed. Pension liabilities are to be borne by the govt as stated by Defence Minister Rajnath Singh. The decision was taken in a Cabinet meeting Chaired by PM Narendra Modi.
Tags: ordnance factory board, Defence, Defence Minister Rajnath Singh, corporate
Courtesy: The Economic Times