ITI plans to invest over Rs 23.81 billion to revive its manufacturing units and diversify into other businesses.

According to K.L. Dhingra, chairman and managing director, ITI, the operating agency for the company?s draft rehabilitation scheme, the State Bank of India, has proposed this sum for the company?s revival.

The proposal to clear these funds is currently with the Board for Industrial and Financial Reconstruction (BIFR). This body is waiting for comments from the Department of Telecommunications (DoT) before making a final decision. It is believed that DoT has asked for three months to file its comments.

ITI has five manufacturing units, located at Bangalore, Mankapur, Naini and Rae Bareli and Palakkad. It is believed that the company has already signed an agreement with the Centre for Development of Telematics to upgrade these facilities.

Dhingra also said that the revenues generated from the manufacturing plants will be used to diversify into new business segments.

As part of this plan, ITI has already started production of solar panels at its Naini plant in Allahabad and has plans to start producing light emitting diodes within the next two months.