ITI expects to sign Rs 7,796 cr contract soon

New Delhi: State-owned technology firm ITI Ltd on Thursday said it expects to sign a telecom network contract worth Rs 7,796 crore with the Defence Ministry soon. The company was declared lowest bidder for the Army Static Switched Communication Network (ASCON) Phase IV tender in 2017.

“ITI Limited was declared as LI in the ‘ASCON Phase IV Project’ in the year 2017. In this regard, ASCON working group, Integrated HQ of MoD (Army), has communicated to the Company vide its letter…dated 10th September 2020 that necessary approval for the project has been obtained and the contract is expected to be signed very shortly,” it said in a regulatory filing.