The government continues its efforts to revive ITI Limited

Continuing its efforts to revive ITI Limited, the Department of Telecommunications (DoT) has reportedly prepared a Cabinet note to be circulated to various ministries.

The note reportedly proposes to launch a revival package worth Rs 41.56 billion for this purpose. The package emphasises on leveraging the company?s assets and re-engineering its finances.

Prior to this, the Board of Industrial and Financial Reconstruction (BIFR) had already approved of the revival plan. The same will be launched after obtaining approval from the Cabinet Committee on Economic Affairs (CCEA).

Meanwhile, the government has been attempting to revive the company for some time now. Prior to this, ITI Limited received annual grants worth Rs 8.60 billion between 2001-02 and 2010-11. Other government initiatives included waiver of loans, interest subsidy and a financial package of Rs 28.20 billion in 2009-10.