The crucial meeting convened on Thursday by PK Mishra, Principal Secretary to the Prime Minister, to decide on the fate of ailing Bharat Sanchar Nigam Ltd (BSNL), ended inconclusively.
“The meeting, which ran late into the evening, could not come to a conclusive decision, mainly on whether it’s possible to revive BSNL. This was a crucial meeting, but now the fate of the firm is still unclear,” a source close to the development told BusinessLine.
The Group of Secretaries was asked to study the matter in the next 4-5 days and reach a consensus. In case they agree that the Public Sector Unit (PSU) can be revived, then further decisions regarding the modes of funding and setting up Special Purpose Vehicles (SPVs) among others will be finalised, a source said.
ALSO READ:- All eyes on crucial BSNL meeting on Thursday
Apart from Mishra, BSNL Chairman and Managing Director PK Purwar, top officials from BSNL and MTNL, officials from PMO, Telecom and Finance Ministries, Department of Telecommunications (DoT) and the Government think-tank NITI Aayog attended the meeting.
Certain recommendations and proposals, which were approved by DoT and GoM, were later rejected by the PMO.
The revival plan had proposed a ₹14,155-crore capital infusion into BSNL by the Government to acquire 4G spectrum and a Voluntary Retirement Scheme (VRS) for employees aged over 50, following which the age of retirement would be reduced to 58. Monetisation of land and funds for optical fibre cable and telecom towers roll out were also approved.
This plan was earlier approved by DoT, Telecom Ministry and PMO.
The company’s unions had earlier blamed stiff competition and entry of new operator with “competitive prices” for the stress in the sector.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.