On turnaround path, ITI plans Rs 1,600 crore FPO

Mumbai: ITI, India's first PSU and erstwhile Indian Telephone Industries, is on a turnaround path from a telecom equipment manufacturer to a telecom technology company.

Going forward, ITI looks to diversify its products and services and leverage the relationship with the Centre and various PSUs, modernise its infrastructure and technology as well as team up with innovative technology leaders and start-ups, said R. M. Agarwal, chairman & managing director, ITI.

Besides offering the telecom solutions, ITI is also executing turnkey projects for installation and commissioning of telecom networks.

ITI plans to raise about Rs 1,600 crore by a follow on public offer to augment its working capital needs and repay loans of Rs 607.29 crore.