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ITI, Indian Telephones Industries, was the 1st Indian PSU.
It was established in 1948 to serve the telephony requirements primarily those of the government.
With the privatisation in 80s and liberalisation in 1990s the company was thrown open to competition which evenutally led to it being declared a sick unit in 2003-4. But the story doesn't end there.
Logo of ITI, then called Indian Telephones Industries
The light at the end of the tunnel came when Central government sanctioned ₹4,150 crore for ITI Ltd. in February 2014.
Since then, ITI Limited geared itself