ITI may sell some land to repay bank loan of ₹1,500 crore
'We are working on a monetisation plan for ITI to raise money to fund the development and expansion activities of the PSU's digital technology and communication business,' Jyotiraditya M. Scindia, Union Minister for Communications and Development of North Eastern Region, told The Hindu.
Details being worked out
When asked how many acres of ITI campus would be part of the monetisation plan, the Minister, on the sidelines of his visit to ITI's 400-plus acre campus at Dooravani Nagar in Bengaluru, said such details were yet to be worked out.
Earlier speaking to the media, Mr. Scindia said that ITI was an institution that had contributed tremendously in the telecom revolution of India. The PSU was able to adapt along with technological advancements from manufacturing of rotary and push-button dial phones into manufacturing of core telecom equipment, the radio access networks, the routers, PCB Boards etc.
'The shift has been tremendous and I look forward to ITI playing an even more fundamental role in technology as the telecom revolution sweeps our country,'' said the Minister.
To a question whether the Ministry was supporting ITI in modernising its technology and manufacturing capabilities, Mr. Scindia said: 'Yes. I think the management of the ITI has to have that responsibility. The Ministry's responsibility is to make sure that it's sustainable. At this point, we are working on multiple strategies to ensure that ITI becomes much more financially sound. I am very confident that the whole government approach will be able to accomplish that,'' the Minister added.
Internal resources
Later, ITI chairman and managing director Rajesh Rai told The Hindu that the PSU currently has a bank loan of ₹1,500 crore and the company was exploring internal resources to repay it.
'We are in a financial restructuring mode. We require some working capital and we are currently working towards that,' said Mr. Rai, adding: 'Regarding monetisation, we are in preliminary discussion with National Land Monetisation Corporation. How much land will be monetised will be decided later.''
Land value
ITI would be able to fetch ₹70 crore and above per acre of land, as per realty sources in Bengaluru, as the land parcel is situated on a high connectivity corridor. The campus currently comprises factory units, a data centre. 4G equipment, telecom HDPE pipes for various clients, EVMs, printed circuit boards upto 4 layers, Electromagnetic interfaces and Electromagnetic Compatibility Lab, Telecom testing labs, 3D Printing facility, various encryption products for defence and a start-up hub called Vinyaas.
It also has a clubhouse, corporate office, guest houses, badminton court, cricket ground, parks, trees (including horticulture), and employee residences from A type to E type. It also has two schools, ITI Vidya Mandir and CBSE Central School in addition to ITI Hospital, post office, two fuel stations and two CNG stations, BSNL office and banks.
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