ITI Limited has identified 91.43 acres of Bengaluru land, valued at Rs 3,473 crore, for monetization to repay loans and employee dues
BENGALURU
Indian Telephone Industry (ITI) Limited has identified 91.43 acres of land in Bengaluru, with an estimated value of Rs 3,473.14 crore, for monetization. The Union Ministry of Communications has said that this will help in clearing the unit’s loans and employees’ dues. Union Minister of State for Communications Pemmasani Chandrashekhar, while replying to a question from Bangalore South MP Tejaswi Surya in the Lok Sabha, said that the ITI company has land in and around ITI Township in Krishnarajapura in Bengaluru City district.
The government is working with ITI Limited to monetize some of the vacant land, the proceeds of which can be used to pay off bank loans and pending statutory dues,” Chandrashekhar said.
There are four land parcels, the largest of which is a 44.03-acre plot, valued at Rs 1,651.20 crore. Another 21-acre parcel in B-area of ITI Township, worth Rs 823.20 crore, is proposed to be transferred to the Goods and Services Tax (GST) department. B Narayanpur village. A 10.28-acre plot worth Rs 357.57 crore and a 16.12-acre plot in ITI Township. Estimated at Rs 641.17 crore. ITI plans to make money from it.
The Minister said ITI’s order book stands at Rs 18,746 crore. In FY25, it posted a turnover of Rs 4,323 crore and posted a positive EBITDA of Rs 25 crore but reported a net loss of Rs 233 crore. Its bank loans are at Rs 1,325 crore, while statutory and superannuation dues, including outstanding salaries, are at Rs 339 crore.
