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Economy
Pradeep Kumar

17/06/21 13:20 PM IST

OFB corporatisation

In news

Union Cabinet approved a plan to corporatise the Ordnance Factory Board (OFB), which has 41 factories, into seven fully government-owned corporate entities on the lines of Defence Public Sector Undertakings (DPSU).

Details
  • Once implemented, the OFB, the establishment of which was accepted by the British in 1775, will cease to exist.
  • This move would allow these companies autonomy, as well as help, improve accountability and efficiency.
  • This restructuring is aimed at transforming the ordnance factories into productive and profitable assets, deepening specialisation in the product range, enhancing competitiveness, improving quality, and achieving cost efficiency.
  • All employees of the OFB (Group A, B and C) belonging to the production units would be transferred to the corporate entities on deemed deputation initially for a period of two years without altering their service conditions as Central government employees.
Source: The Hindu

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