As part of the corporatisation of the Ordnance Factories, the Central government will formally launch seven new companies on October 15, informed the Ministry of Defence on Monday.

       The government is converting Ordnance Factory Board (OFB) into corporate entities.

       These seven new defence companies will have 66 firm contracts worth Rs 65,000 crore from the three services and paramilitary forces.

       The new companies are - Advanced Weapons and Equipment India Limited, Troop Comforts Ltd, Avani Armoured Vehicles, Munitions India Limited, India Optel Limited, Gliders India Limited, Yantra India Limited.

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