HFCL has signed an agreement with Bharat Sanchar Nigam Limited (BSNL) to execute the BharatNet Phase III project in Punjab Telecom Circle. This follows the Advance Work Order worth ₹2,501.30 crore received earlier. HFCL is the first company to formalise such an agreement under BharatNet Phase III and will now begin project implementation. HFCL has market cap of ₹12,938 crore.