Rs.4,156.79-crore package has been approved by the Centre

The Indian Telephone Industries Ltd. (ITI Ltd.) Employees' Association has hailed the recent decision of the Union government to approve the revival package for the Central public undertaking.

In a statement here on Saturday, association president V.S. Vijayaraghavan, former MP, said a Rs.4,156.79-crore revival package prepared by the Board for Industrial and Financial Reconstruction (BIFR) last year was approved by the Ministry of Communications and Information Technology.

The core group constituted by the Ministry to devise the revival plan had approved the BIFR recommendations and submitted it to the Ministry for government approval, the statement said.

As per the revival plan, an amount of Rs.460 crore will be disbursed immediately as financial assistance for ongoing and expected projects and Rs.995.79 crore as financial assistance for pending liabilities and revival plan cost.

On preferred list

In its revival plan, the Ministry has requested the Ministry of Defence to put ITI Ltd. on its preferred public sector undertaking list, at a par with BEL.

The association statement demanded that the government implement the recommendation and the Defence Ministry take over ITI Ltd.

The statement said that since the revival package was approved by the government, the company management should implement wage board revision for employees pending since 1997.

  • Rs.460 crore to be disbursed for projects

  • Association urges Defence Ministry to take over ITI Ltd.