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Carved out of OFB of India, defence companies report profit

Other News Materials 30 April 2022 23:49 (UTC +04:00)
Carved out of OFB of India, defence companies report profit

In six months of having been formed, companies carved out of the Ordnance Factory Board (OFB) are showing profits, the Ministry of Defence said today, Trend reports citing The Tribune India.

These companies have been able to secure domestic contracts and export orders valuing more than Rs 3,000 crore and Rs 600 crore, respectively. Munitions India Limited has bagged the biggest ever export order of ammunition of Rs 500 crore. Six of the seven new defence companies, which were formed on October 15, 2021, have reported provisional profits during the initial six months of their business — October 1, 2021, to March 31, 2022.

Except Yantra India Limited, all other companies, including Munitions India Limited, Armoured Vehicles Nigam Limited, Advanced Weapons and Equipment India Limited, Troop Comforts Limited, India Optel Limited and Gliders India Limited, have reported provisional profits. After the formation of the companies, the outstanding indents of the OFB were converted into deemed contracts valuing about Rs 70,776 crore.

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