Bangalore, Sep 28 (UNI) The limping national Telecom public sector major Indian Telephone Industries today expressed confidence of fullfilling its MoU target of Rs.4770 crore for the current fiscal.
Addressing the 57th AGM of the beleaguered telecom company which had recorded a Rs.405 crore loss for 2006-07 Chairman and Managing Director S K Chatterjee, brimming with confidence said the company was poised to meet the target with Rs.1900 crore worth orders in hand with anticipated working capital assistance forthcoming.
he said the turnaround strategy of the company was to harness the vast potential in the areas of wireless and personal communications by securing the status of the largest indigenous manufacturer and builder of GSM and CDMA-WLL networks and by broad basing its strategic relationship with customers such as BSNL, MTNL and Defence. IT networking would be another area of growth he added.
The Company reported a sales turnover of Rs.1818 crore as against the falue of production being Rs.1797 crore.
For the fifth successive year the company had incurred huge loss, though last fiscal it had come down marginally from Rs.429 crore the previous year. the cumulative loss suffered by ITI since 2002-03, when it went red again, was RS.2225 crore.
He has last fiscal 532 employees had taken voluntary retirement taking the total number of employees released on voluntary retirement to 13,744 till August last year., he said the company's forays into IT and networking space had been rewarding as it had successfully deployed a nationwide managed leased line network and standalone signaling transfer point network for BSNL. ITI was all set to take up the challenge of expanding these networks covering more than 400 cities. ITI was also one of the four vendours who would take up the national ID project.
He said efforts were on to indigence inouts for GSM to minimise material procurement cost.