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Nod for BSNL-MTNL merger

PTI
Updated: October 23rd, 2019, 20:07 IST
in Business, Prime News
0
New Delhi: Union Ministers Ravi Shankar Prasad, Prakash Javadekar and Minister of Housing and Urban Affairs Hardeep Singh Puri arrive to address a press conference on cabinet decisions, in New Delhi, Wednesday, Oct. 23, 2019. (PTI Photo/Subhav Shukla)(PTI10_23_2019_000124B)

New Delhi: Union Ministers Ravi Shankar Prasad, Prakash Javadekar and Minister of Housing and Urban Affairs Hardeep Singh Puri arrive to address a press conference on cabinet decisions, in New Delhi, Wednesday, Oct. 23, 2019. (PTI Photo/Subhav Shukla)(PTI10_23_2019_000124B)

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New Delhi: The Union Cabinet Wednesday approved the much-awaited 4G spectrum allocation to ailing telecom PSUs – BSNL and MTNL – and gave in-principle approval to their merger while allowing them to raise sovereign bonds of `15,000cr for their revival.

The allocation of 4G spectrum to them would be done at 2016 prices and administratively.
“BSNL & MTNL will raise a sovereign bond of `15,000cr for their revival and assets of both the PSUs worth `38,000cr will be monetized. The Cabinet also approved an attractive VRS package for employees, which has been slightly tweaked from the original Gujarat model. Government will provide 4G spectrum on an administrative allocation basis. The Cabinet has also given in-principle nod to the merger of BSNL and MTNL and till modalities are in place, MTNL will be a subsidiary of BSNL,’’ Telecom Minister Ravi Shankar Prasad told reporters after the Cabinet meeting.

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MTNL is listed but has its net worth already eroded. BSNL is unlisted. MTNL operates in Delhi and Mumbai while BSNL operates in rest of India and mostly in the hinterlands.

The PSUs’ merger has been discussed many times in the last 10 years but due to HR and listing issues, it never could be taken up. BSNL has an estimated loss of `14,000cr in 2019 fiscal and MTNL has been in deep losses. BSNL is a 3G mobile player with sporadic 4G services on hotspots and on old 1900/2100 spectrum bands. It has 12 crore mobile subscribers and 11 per cent market share.

 

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