ITI Shares Rose Over 7%: Secured BharatNet Phase-3 Project of ₹4,559 Crore

On November 10, 2024, ITI Limited, the country’s first Public Sector Undertaking (PSU) established post-independence and a leading telecom manufacturing company, was selected as the Lowest Bidder (L1) for Package No. 15 of the BharatNet Phase-3 Project.

Details of BharatNet Phase-3 Project (Package No. 15)

With an order value of ₹1,537 Crore, the package covers the states of Arunachal Pradesh, Nagaland, and Manipur. In addition, ITI Limited was selected as L1 on November 7, 2024, for Package No. 8, which pertains to the state of Himachal Pradesh, as well as for Package No. 9, covering West Bengal and the Andaman and Nicobar Islands. The combined order value for these three packages totals ₹3,022 Crores. As a result, ITI Limited has secured L1 status for three BharatNet packages (8, 9, and 15), with an overall order value of ₹4,559 Crores.

The BharatNet Phase-3 Project is divided into 16 packages, spanning all states and union territories of India. BSNL, the project’s implementing agency, had invited tenders for the design, supply, construction, installation, upgradation, operation, and maintenance of the Middle Mile Network under a Design, Build, Operate, and Maintain (DBOM) model.

Previous Order Secured by ITI

In addition to its success with the BharatNet Phase-3 Project, ITI Limited recently secured an order from the Bihar Renewable Energy Development Authority (BREDA) for the supply and installation of 1,00,000 solar street light systems across the state of Bihar. This order, worth Rs. 300 Crores, further strengthens ITI Limited’s position in the renewable energy and infrastructure sectors.

Commenting on this new development, Mr. Rajesh Rai, Chairman and Managing Director, ITI Limited, said, – “We are ecstatic to have emerged as L1 for yet another Package of the prestigious BharatNet Phase-3 Project in the states of Arunachal Pradesh, Nagaland & Manipur.I feel this will be an inflection point for ITI and my whole team is excited to make the Company shine even brighter.”

Mr Rai added – “Emerging L1 for three big Packages of BharatNet Project in difficult terrains like Andaman and North East region is not only exciting but throws up many challenges for the Company, and my team is fully inspired to execute and deliver excellence yet again. ITI Limited has accumulated vast experience in executing optical fiber network (OFN) across India for defence and BharatNet projects.” 

On November 11, 2024, ITI shares opened at ₹300.00 and touched the day high of ₹335.00 at 09:45 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.