The Department of Telecommunications (DoT) has rejected the Liberty Group?s proposal to take over Indian Telephone Industries (ITI), according to news reports. The footwear major?s bid was rejected on two counts: for failing to meet some technical criteria and being placed after the deadline expired.
Liberty has diversified into telecom equipment manufacturing by forming a joint venture with Israel?s Runcom Technologies to make Wi-Max base stations and accompanying equipment. This joint venture, called Sunfest, had recently forged tie-ups with several foreign firms to manufacture telecom equipment.
ITI, which employs more than 12,700 people and operates six manufacturing units in Karnataka, Uttar Pradesh, Kerala and Jammu and Kashmir, has been witnessing heavy revenue losses over the years.
