Six of the seven new defence companies created by the corporatisation of the Ordnance Factory Board (OFB) last October have reported provisional profits during the initial six months of their business from October 1, 2021 to March 31, 2022, the Defence Ministry said on Friday.
“Within the first six months, then new companies have achieved the turnover of more than ₹8,400 crore, which is significant considering the Value of Issue of erstwhile OFB during the previous financial years.”
Except Yantra India Ltd. (YIL), all other companies — Munitions India Ltd. (MIL); Armoured Vehicles Nigam Ltd. (AVANI); Advanced Weapons and Equipment India Ltd. (AWE India); Troop Comforts Ltd. (TCL); India Optel Ltd. (IOL) and Gliders India Ltd. (GIL) — have reported provisional profits, the statement said.
