BSNL has real estate assets at all prime locations, worth more than Rs 3 trillion.
The employees of government-owned Bharat Sanchar Nigam (BSNL) have urged Prime Minister Narendra Modi to approve without delay a revival plan for the telecom entity.
“The employees are very confident that BSNL can be revived in three to four years and made profitable,” K Sebastian, general secretary, Sanchar Nigam Executives Association, wrote in a letter to the PM. On September 26, a meeting convened by P K Mishra, principal secretary to the PM, on revival of BSNL, could not decide the question of whether it was possible.
BSNL has sought government help in the form of conversion of its debt into a sovereign guarantee, a pay revision and a subsequent voluntary retirement scheme (VRS). And, fourth-generation technology (4G) spectrum across India through equity infusion of ~7,000 crore. The proposed VRS package, it suggested, could be funded by a bond issue over 10 years. The employees have said much the same thing, including formation of a Special Purpose Vehicle for taking over BSNL’s loan dues, land monetisation and financial support for maintaining 17,000 loss-making rural telephone exchanges. “Senior officers and secretaries may have doubt about the possibility of revival but the employees feel it can be done,” goes the letter.
If there is government support, it says, they are capable of competing with private telecom companies. “The government did not allot 4G spectrum to BSNL, although BSNL’s 3G service is superior to the 4G service of other operators at various cities, as per Telecom Regulatory Authority of India data,” said Sebastian…
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