Business Daily from THE HINDU group of publications
Thursday, Jul 02, 2009
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Business Daily from THE HINDU group of publications Thursday, Jul 02, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Performance Info-Tech - Telecommunications Rs 2,820-cr ITI losses to be written off
Our Bureau Bangalore, July 1 The Government has decided to write off Rs 2,820 crore losses of the ailing public sector telecom equipment maker ITI Ltd. The move would help ITI, which is looking to form joint ventures with other companies or sell stake in any of its six units, to start on a clean slate, the Telecom Secretary, Mr Siddharth Behura, said. Mr Behura said a consultant would be hired by the end of July to advise on the divestment strategy. At present, the company is open to various options. The process is expected to be over by the end of the year. “We are saying you give us a model and we will consider it,” said Mr Behura. “The aim is to rejuvenate the company.” The nature of the divestment will depend on the kind of offers that ITI receives, he added. “It is possible that private companies may want to collaborate with any one unit of ITI or might like any one of our products,” said Mr S.K. Chatterjee, CMD, ITI. Data centre The company launched a data centre at its campus in Bangalore in association with the Mumbai-based Trimax Data Centre Services Ltd. ITI would have claim to 18 per cent of the revenue, while the rest would remain with Trimax, according to the revenue sharing agreement between the two. It would offer co-location services, hosting services, managed services such as server management, network management, security management, storage management and others. ITI said it is in the final stages of discussion with clients such as RailTel, Karnataka Police Housing Ltd and others, and is targeting revenue of Rs 50 crore in the first year. Huawei may bid for majority stake in ITI Govt must work out innovative strategies to divest in sick PSUs ITI mulls selling off surplus land More Stories on : Performance | Telecommunications | PSU
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