ITI Limited signs MoU with Tech Mahindra for New Generation Wireless Technology

To supplement country's requirement of self-reliance in the area of Telecommunication, ITI Limited, a PSU Manufacturing Telecom & Defense Equipment and Tech Mahindra, a leading provider of digital transformation, consulting and business reengineering services have signed a Memorandum of Understanding (MoU) to work together in the areas of 4G & 5G smart networks, Smart Cities and Health Care services.

ITI and Tech Mahindra will collaborate to create "Make in India" stack as part of this MoU for the upcoming 4G & 5G opportunities in India. ITI Limited, with more than seven decades of experience in manufacturing will productionise the 4G upgradeable to 5G Radio Access Network & related equipment in line with government's initiative of Aatma Nirbhar Bharat. Tech Mahindra will be responsible for providing the software IPs, implementation and integration services, operations and maintenance services. This partnership intends to jointly build a framework that will provide solutions of the upcoming wireless technologies to different telecom service providers in the country and also address business opportunities globally.

Shri R M Agarwal, Chairman & Managing Director, ITI Limited,said, "The initiative is to build local competence by synergising the offerings of ITI & Tech Mahindra to create a next generation wireless stack that will help India to become self-sufficient in the area of Telecommunications. ITI with state of the art facilities and capabilities for manufacturing Telecom equipment plans to manufacture the eNodeB and 5G NR products in the different plants using Tech Mahindra software and wireless technologies. The partnership will not only help to reduce dependency on import of Telecom equipment from foreign countries but also addressthe concernsin building a strategic network for Defense Communication. Through this partnership we commit ourselves to the Government's initiative of Aatma Nirbhar Bharat."

Commenting on partnership with ITI, Shri Sujit Baksi, Head APAC Business & President Corporate Affairs, Tech Mahindra, said, "Tech Mahindra will bring state of the art platform technologies and software capabilities and ITI will use its world class manufacturing facilities and expertise to build wireless solution for next generations. We are delighted to partner with ITI in this important initiative towards self reliance in the area of technology."

Shares of ITI LTD. was last trading in BSE at Rs.107.7 as compared to the previous close of Rs. 106.5. The total number of shares traded during the day was 655106 in over 7723 trades.

The stock hit an intraday high of Rs. 109.85 and intraday low of 104. The net turnover during the day was Rs. 70279531.

Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.561.05 as compared to the previous close of Rs. 554.35. The total number of shares traded during the day was 212406 in over 7213 trades.

The stock hit an intraday high of Rs. 574.9 and intraday low of 552.8. The net turnover during the day was Rs. 120177171.

Source : Equity Bulls

Keywords