Telecom networking products maker received approval under Design-led PLI scheme for Telecom and Networking Products.
Tejas Networks on 1 November 2022 announced that the Department of Telecommunications (DoT) has approved its application under Government of India's Design-led Production Linked Incentive (PLI) scheme for manufacturing of Telecom and Networking products.In its application, the company has committed to make a minimum cumulative capital investment of Rs 750 crore over the scheme period.
Sanjay Nayak, CEO & managing director of Tejas Networks said, We thank the Department of Telecommunications (DoT), Ministry of Communications and SIDBI for approving our application under the Design-led Manufacturing scheme for telecom and networking products. This is an excellent policy of Government of India to promote Indian R&D and IPR for the creation of world-class telecom products with high domestic value addition, where they give additional incentive for Indian designed and manufactured products. As India's leading R&D-driven telecom products company, we look forward to contributing to the creation of a strong domestic ecosystem in next-generation telecom and networking products and help in realizing the vision of an Atmanirbhar Bharat in the telecom sector."
Tejas Networks designs and manufactures high-performance wireline and wireless networking products for telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Tejas Networks Ltd. is a part of the Tata Group, with Panatone Finvest (a subsidiary of Tata Sons) being the majority shareholder.
Tejas Networks reported a consolidated net loss of Rs 6.64 crore in Q1 FY23 compared with a net profit of Rs 7.55 crore in Q1 FY22. Net revenue during the quarter was at Rs 125.76 crore, down 12.8% YoY. The company said that the Q1 revenue was weak since it could not fulfill customer orders due to component shortages. It is making changes to internal processes and tools to better manage the supply chain.
Shares of Tejas Networks fell 1.17% to Rs 678.60 on Tuesday, 1 November 2022.
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