After failing in its attempt to find any joint venture partner for three of its manufacturing plants, Indian Telephone Industries Ltd (ITI) has now extended the bid to July 15, with modifications in the original bid proposals.
According to the modified proposals, the loss-making state-owned telecom equipment manufacturer has not only reduced the lease rentals from the prospective joint venture (JV) partners by almost 50 per cent, but also cut the commitment fee (in case the JV is not able to meet the projected profit) quite significantly.
In October last year, ITI had invited bids from Indian and global telecom majors to set up JV companies, as part of its revival plans. However, the proposal failed to evoke any response till the last date of the opening of the bid on April 5, 2010. Following this, ITI approached the Department of Telecommunications (DoT) to decide on the next course of action.