New Delhi, October 15: Prime Minister Narendra Modi will dedicate the seven new defence companies to the nation on the auspicious occasion of Vijayadashami today.

He will deliver a video address at an event organised by the Defence Ministry. Defence Minister Rajnath Singh and representatives from the Defence industry associations will be present on the occasion.

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According to a release by the Prime Minister's Office, the Government has decided to convert Ordnance Factory Board from a Government Department into seven 100 per cent government-owned corporate entities, as a measure to improve self-reliance in the defence preparedness of the country.

This move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation, it said in a statement.

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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).

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)