A typical modern industrial drive consists of a power electronic converter, a digital controller, feedback sensors and a motor. Several faults can affect the motor drive and a fault in any of the above will stop the operation of the drive, or at least it affects the drive’s performance. There are many safety critical applications like power plants, aerospace, pitch drives for wind-turbines, automobiles, etc. where the drive with high availability is very important. For interlinked production processes, as in modern industrial processing plants, a fault in a single drive can result in tremendous damages of materials and machines. Follow-up costs due to the faults with drives in modern production plants can amount to huge sums. So, the adjustable speed drives with high availability is an area of great interest for modern drive solutions. In this research project, solutions to improve the availability of different components of the drive are systematically developed and experimentally verified. Solutions to the 1) The information processing (digital controller) 2) Power section (inverter) 3) Feedback sensors (position and current sensors) are presented. An improved availability of the digital controller is achieved based on the principles of triple modular redundancy. Three digital signal processors (DSPs) are used in parallel running the same control algorithm. The pulse width modulation (PWM) outputs of all the three DSPs are voted out using a simple majority voting logic which is by itself a fault tolerant. In order to keep all the three DSPs in time synchronism to each other, a serial communication is developed between the three processors, which will exchange the timer values between all the three processors. This communication is also used to exchange the control variables between the three processors such that there is a synchronism in the control variables which are finally used for the control computation. Connections between all the three processors are made such that there is no common point of failure in the system. An improved availability of the inverter is achieved by adding a redundant leg to the standard two-level voltage source inverter (VSI). The faulted leg isolation and the redundant leg insertion is done by using independent back-to-back connected thyristors. The proposed inverter provides tolerance to the both short circuit and open circuit faults of the switching devices. Fault detection algorithms are implemented for both the cases of position sensor failure and current sensors failure. Position sensorless control algorithm is used in case of a position sensor failure. Normally, for the field oriented control of a PMSM with isolated neutral, two current sensors are sufficient. In case of a failure in any of these two current sensors, a redundant current sensor which is measuring the third phase current is used in place of a faulty current sensor. The whole system is developed based on the concept that only a single arbitrary fault occurs at any time. Field oriented control of the PMSM implemented to test all the above solutions to improve the availability. In all the fault cases, the post fault performance is same as the pre-fault performance and during the fault detection and compensation there is negligible disturbance to the machine operation.