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  5. ITI Ltd shares jump 13% as consortium partner emerges as L1 for ₹3,022 crore project; check details

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ITI Ltd shares jump 13% as consortium partner emerges as L1 for ₹3,022 crore project; check details

Upstox
By Upstox News Desk

2 min read | Updated on November 08, 2024, 12:09 IST

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SUMMARY

ITI Ltd said that its consortium partner has emerged as L1 in the BharatNet Phase-3 Project in the states of Himachal Pradesh for Package No. 8, in West Bengal, and Andaman & Nicobar Islands for Package No. 9 with a total order value of ₹3,022 crore.

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In a separate filing, the company said that the BSE has sought clarification from ITI Ltd concerning movement in volume.

In a separate filing, the company said that the BSE has sought clarification from ITI Ltd concerning movement in volume.

ITI share price: Shares of ITI Ltd rallied as much as 13.59% to ₹302.90 apiece on the BSE after the company said on Thursday that its consortium partner has emerged as L1 in the BharatNet Phase-3 Project in the states of Himachal Pradesh for Package No. 8, in West Bengal, and Andaman & Nicobar Islands for Package No. 9 with a total order value of ₹3,022 crore.

In a tender, L1 means "lowest one". It refers to the bid with the lowest commercial value in the financial bid evaluation process. 

ITI Limited-led consortium has succeeded in these two packages out of 11 packages for which tender was opened till now out of a total of 16 packages covering the length and breadth of the country, the company said in its press release.

The BharatNet project is funded by the Universal Service Obligation Fund (USOF) under the Department of Telecommunications (DoT). The project aims to bridge the 'digital divide' by delivering high-speed broadband connectivity with a bandwidth of 100 Mbps to all Gram Panchayats (GPs) and villages in India, ensuring equitable access to online services for all, especially those in rural areas.

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The project encompasses connecting all 640,000 villages, blocks, and Gram panchayats across India with high-speed broadband internet connectivity. 

The company's press release said that BSNL had invited tenders for the design, supply, construction, installation, upgrade, operation, and maintenance of the Middle Mile Network of BharatNet in the 16 packages/circles.

The BharatNet Phase-3 Project is envisaged for the development (creation, upgrade, operation, and maintenance) of the Middle Mile Network of BharatNet on the Design, Build, Operate, and Maintain (DBOM) model. 

"ITI Limited has vast experience in executing OFN work around India for BharatNet and is already successfully executing OFN works worth around ₹5,400 crore in the states of Tamil Nadu, Maharashtra, and Gujarat," the press release added. 

Recently, ITI won an order from the Bihar Renewable Energy Development Authority (BREDA) for the supply and installation of 1,00,000 numbers of solar street light systems to the Bihar State Government worth ₹300 crore, the release added. 

In a separate filing on November 8, the company said that the BSE has sought clarification from ITI Ltd concerning movement in volume.

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