Carved out of OFB of India, defence companies report profit

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By Trend 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 …

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