ITI Limited is reportedly seeking a Rs 20 billion bailout package from the government to cover a part of its accumulated losses of Rs 22.25 billion and to obtain working capital.

ITI Limited is reportedly seeking a Rs 20 billion bailout package from the government to cover a part of its accumulated losses of Rs 22.25 billion and to obtain working capital. A committee has been set up by the government to finalise the package. According to company officials, any delay in the approval of the package will affect the company’s ongoing projects. ITI has set a sales target of Rs 47.7 billion for 2007-08, 150 per cent more than what it sold in 2006-07.