Financial Daily from THE HINDU group of publications
Thursday, Mar 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 24, 2005 |
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Info-Tech
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Telecommunications BSNL, MTNL synergy issue awaits new DoT Secretary Our Bureau
New Delhi , March 23 THE decision on the merger of Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd will be taken after the Department of Telecom gets a new secretary. After a meeting between the two State-owned companies, Mr Nripendra Mishra, the outgoing Secretary, DoT, said on Wednesday that the matter will be taken up by his successor. Mr Mishra is scheduled to relinquish office on March 31. Mr Mishra said that the meeting was held to discuss the report of the advisor, ICICI-Securities, on synergising the operations of the two PSUs. On MTNL expressing reservations to become a subsidiary of BSNL, Mr Mishra said, "They have not given any such comment to the department over this. In fact, I have asked them to go through the report and if they have any views, they should sensitise the new secretary." In its report, ICICI said that the best option to synergise the two companies would be to ask BSNL to buy out the Government stake of 56 per cent in MTNL.
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