The initial public offering (IPO) for Telecommunications Consultants India (TCIL) is likely to be presented for Cabinet approval on October 3, accrording to a CNBC-TV18 report.
The report quoted sources saying that the government aims to divest 15 percent of its stake in the public sector undertaking and TCIL will issue a 10 percent fresh equity. Close to 25 percent of equity PSU will likely be offered by the IPO route.
TCIL is an engineering and consultancy company that is wholly owned by government and is under the administrative control of the Department of Telecommunications (DOT), Ministry of Communications. TCIL was set up in 1978 for providing Indian telecom expertise in all fields of telecom, civil works and IT to developing countries around the world, according to the company’s website.
Its core competence is in the fields of switching, transmission systems, cellular services,rural telecommunication, optical fibre based backbone trans systems, IT and networking solutions, application software, e-governence, 3G Network, WIMAX Technology and also Civil construction projects.―Money Control