Himachal Futuristic Communications Ltd on Friday informed the Bombay Stock Exchange that the company was considering hiving off its basic telephony services in Punjab from its telecom equipment manufacturing division to form separate companies.
In a letter to the stock exchange, HFCL said, "The company has already embarked upon a business restructuring exercise aimed at improving efficiency at all levels by remaining focused on its core competence telecom equipment manufacturing with related turnkey services and R&D and segregating all its non-core assets, including financial assets and investments from its core operating assets. This exercise is expected to enable the company to reflect the growth of its core business."
As part of the restructuring, HFCL will spin off its basic telephony services in Punjab into a separate company.
"A detailed proposal is being prepared for submission to the board at the earliest. Further steps in this regards shall be taken after the decision of the board of directors of the company," the letter to the BSE said.
HFCL currently has around 100,000 subscribers in Punjab, of which 24,572 have signed up for limited mobility.