MUMBAI: Multi-system operator Ortel Communications Ltd plans to incorporate a new wholly owned subsidiary, Ortel Broadband Ltd, in order to operate the broadband business separately.
In a release to the Bombay Stock Exchange today, Ortel Communications stated that the board of directors had approved the decision. The company will transfer the broadband business to this new entity subject to requisite approvals.
The restructuring of the business comes on the back of the company facing severe competition in its core market Odisha and a shortfall in collections and repayment of debt.
Ortel, with its operations focused in Odisha, Chhattisgarh, Andhra Pradesh, Telengana, West Bengal, and Madhya Pradesh, has been a trendsetter in offering customer-centric broadband plans.
Taking a big step towards recovery, the company unveiled its new unlimited data plans starting from Rs 99 per month last week.
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