Defence

MoD converts ₹65,000 crore orders from erstwhile OFB to 7 new DPSUs ahead of formal launch

By The Hindu

Ahead of the formal launch of the seven new Defence Public Sector Undertakings (DPSU), formed out the erstwhile Ordnance Factory Board (OFB), the Ministry of Defence (MoD) has converted all pending orders with the 41 factories under it into deemed contracts worth over ₹65,000 crore for the new companies, according to defence officials. Prime Minister Narendra Modi will formally launch the seven new DPSUs on October 15 via videoconferencing.

On June 16, the Union Cabinet approved a long-awaited reform plan to corporatise the OFB, following which effective October 1, all its assets, employees and management were transferred to the seven DPSUs.

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The Hindu
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