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History of Optel Telecommunications Ltd.

OPTEL TELECOMMUNICATIONS LIMITED [OPTELs] was incorporated on 23rd December 1988 under the Companies Act, 1956 in the State of Madhya Pradesh. The Comp. was promoted by M. P. State Electronics Development Corparation Limited, [MPSEDCs] Bhopal [A Govt. of Madhya Pradesh Undertakings] with the authorised & paid up capital of Rs.25.00 crores & Rs. 15.00 crares respectively. MPSEDC is a nodal agency for M. P. Government, charged with responsibility of promotion & development of electronic industries in the Stote of M. P.

During middle of eighties, Department of Telecommunication realised the need for inducting fibre optics in the telecom network in the country to support the growing demands of high density telecom traffic. Department of Telecommunication & Department of Electronics asked MPSEDC to take up project for manufacture of Optical Fibre, Optical Fibre Cable & Opto Electronic System Equipments & accordingly industrial licence was issued. The project was taken up by MPSEDC as a separate division, called Opto Electronics Communication System [OECSs] Project in the year 1987. At the initial stages of this project, it was decided by Government vide order No.F/20/4/86/11/A dated 22.11.1988 & order No. 1519/1 54/SCI/11/B/90, dated 16.02.1990, that MPSEDC would incorporate a separate subsidiary Comp. under the name OPTEL TELECOMMUNICATIONS LIMITED [OPTELs] which would, in due course of time, take over the assets & liabilities of OECS project from MPSEDC, once the commercial production stabilised & the Comp. [OPTELs] would take over the running unit. The OECS project division of MPSEDC had commenced its commercial production for Optical Fibre Cable, Opto-electronic communication system equipment & for Optical fibre with effect from 1st July, 1989, 15th November 1989 & 1st July, 1990 respectively. Separate Acc. were prepared for this division from F. Y. 1989-90, & the same were audited by CAG appointed auditors. The running business of OECS division with whole of assets & liabilities were transferred to the Comp. [OPTELs] w.e.f. 1st April, 1992 vide transfer deed dated 2nd December, 1992, for a total consideration of Rs. 15.00 crores & shares were issued to MPSEDC for same.

The total of capital Acc. as on that day was converted into equity capital & the profit earned on the project was retained by MPSEDC. The sum of Rs. 15.00 crores was equivalent to the equity fund [Rs. 14.85 crores as equity fund & Rs. 0.15 crores as state/central subsidys] received by MPSEDC from the government for this project.