ITI secures BharatNet project worth ₹4,559 Crore

11 Nov 2024 , 12:50 PM

ITI Ltd shares increased by almost 12% on Monday, November 11, after the state-owned telecom equipment manufacturing company announced it was the lowest bidder (L1) for three packages of the BharatNet Phase-3 project for ₹4,559 Crore.

At around 12.10 PM, ITI was trading 9.98% higher at ₹334.60, against the previous close of ₹304.24 on NSE. The counter touched an intraday high of ₹342.80.

ITI Ltd, as the L1 bidder, would execute Package No 15, which covers the northeastern states of Arunachal Pradesh, Nagaland, and Manipur and is priced at ₹1,537 Crore. ITI was awarded Package No. 8 for Himachal Pradesh and Package No. 9 for West Bengal and the Andaman and Nicobar Islands, totalling ₹3,022 Crore, according to a stock exchange filing dated November 10.

The BharatNet Phase-3 project, led by BSNL, is a major initiative to expand digital connectivity throughout India.

ITI is a prominent player in India’s digital infrastructure expansion, with a total project value of ₹4,559 Crore, according to the company’s announcement to the stock exchanges.

The project is organised into 16 packages that cover every state and union territory and includes the design, supply, construction, and maintenance of a middle-mile network using the Design Build Operate, and Maintain (DBOM) methodology.

He emphasised the challenges and potential associated with carrying out these projects in difficult terrains such as the Andaman and North East areas.

Emerging as the lead for three key packages in these difficult terrains is both exhilarating and challenging for the organisation. My staff is totally inspired to deliver excellence once more, he continued.

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