ITI Limited has approached the Department of Public Enterprises (DPE) for extending a financial package of Rs 60 billion, say news reports.
The company has been facing financial difficulties for quite some time now, owing to a decline in orders from its biggest customers, Bharat Sanchar Nigam Limited and Mahanagar Telephone Nigam Limited. The company manufactures and supplies technology equipment for the defence forces and telecom operators.
Earlier, with an aim to streamline the company’s operations, the government had invested Rs 40 billion in the company.
