ITI Ltd receives Rs 50 crore from C-DOT as part of Land Dispute Compensation
The company stated in the filing that with reference to the letter dated July 12, 2024, regarding the captioned subject, ITI Limited has been informed about the order of AMRCD proceedings with the stock exchanges.
State-run Indian Telephone Industries Ltd (ITI Ltd) has received further tranche of Rs. 50 Crores from C-DOT as per Revised AMRCD Proceedings with respect to the Land Dispute Between ITI and C-DOT.
The company stated in the filing that with reference to the letter dated July 12, 2024, regarding the captioned subject, ITI Limited has been informed about the order of AMRCD proceedings with the stock exchanges.
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Furthermore, the company has received a revised order from AMRCD, stipulated that ITI Limited shall transfer its 22.258 acres of land situated at Electronic City, Bangalore, to C-DOT through a sale deed for a consideration of Rs. 200 Crores.
Read Also : IRSS Officer, Prashant Agarwal repatriated to parent cadre to avail promotion benefitsIn pursuance of Revised AMRCD Order, the company has received further tranche of Rs. 50 Crores from C-DOT, as part of executed sale agreement between ITI Limited and C-DOT. The Balance remaining part of the consideration is expected to be received after completion of other statutory formalities by the company in this regard.
Shares of ITI Ltd are trading higher by 0.30% at Rs 256.10.
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