ITI Bags Rs 3,000 Crore Project, Shares Soar

8 Nov 2024 , 11:39 AM

ITI Ltd.’s shares jumped 10% to an intraday high of Rs 294 on the NSE today on the company’s announcement that it had been selected as the L1 bidder for the Rs 3,022 crore Middle Mile Network BharatNet project.

In the Andaman & Nicobar Islands, West Bengal, and Himachal Pradesh, the business has been the lowest bidder for the project.

“With a total order value of Rs. 3,022 Crores, ITI Limited, the nation’s first PSU after independence and a leading telecom manufacturing company have emerged as L1 in the BharatNet Phase-3 Project in the states of Himachal Pradesh for Package No. 8 and in West Bengal and Andaman & Nicobar Islands for Package No. 9,” the company said in a filing to the exchanges.

The filing further stated that the ITI Limited-led Consortium has been successful in these two packages out of 11 packages for which a tender has been opened thus far out of 16 packages that span the entire nation.

In the 16 Packages/Circles, BSNL had issued tenders for the design, supply, building, installation, upgrade, operation, and maintenance of the BharatNet Middle Mile Network.

For feedback and suggestions, write to us at [e-mail]