Prime Minister Narendra Modi will dedicate the seven new defence companies to the nation on the auspicious occasion of Vijayadashami on Friday.

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.

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.

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).