ITI receives BharatNet tender for Rest of Gujarat project

ITI Limited, a multi-unit central public sector undertaking in the telecommunications manufacturing segment has secured one of the two packages of BharatNet Phase 2 Tender in Gujarat issued by ‘Gujarat Fiber Grid Network Limited (GFGNL)’ amounting to Rs. 1,612 crore.

As part of BharatNet Phase 2 project, GFGNL aims to connect nearly around 7,500 Gram Panchayats to Blocks through underground optical fiber and extend Broadband connectivity to all the Gram Panchayats using Gigabit Passive Optical Network (GPON) and other suitable electronic equipment.

BharatNet is a government project aimed at providing high-speed broadband connectivity to all the 2,50,000 gram panchayats in the country in an effort to provide last mile connectivity.

ITI Limited has recently delivered a profit of Rs. 102 crores for FY18. The company which was in financial pain for last 16 years has twisted profitable and has declared profit for FY18.

The company has also signed a MoU with the Department of Telecommunications, Ministry of Communications & IT, and Government of India to track opportunities in indigenous telecom equipment manufacturing.

On Tuesday, the stock of ITI Limited opened at Rs. 80.15 per share, and made an intraday high and low of Rs. 80.80 and Rs. 72, respectively, on the BSE.