BSNL has identified properties worth over Rs 20,000 crore for monetisation: CMD

NEW DELHI: State-owned Bharat Sanchar Nigam Ltd has submitted particulars of 14 properties value Rs 20,160 crore to the Department of Investment and Public Asset Management (DIPAM) as a part of the telecom companies’ bold asset monetisation plans, in keeping with its chairman.

Meanwhile, a authorities supply informed PTI that the Ministry of Skill Development is in search of a land parcel and the Department of Telecom (DoT) has supplied BSNL land in Ghaziabad to the ministry. The estimated worth of that land is Rs 2,000 crore.

When contacted, BSNL Chairman and Managing Director P Okay Purwar stated, “The corporation is making all out efforts to monetise its assets and has identified 14 assets worth over Rs 20,000 crore through the DIPAM route”.

Purwar stated these land parcels are unfold throughout India in places like Mumbai, Thiruvananthapuram, Chennai, Ghaziabad and different locations.

In October final yr, the federal government had accredited a Rs 69,000 crore revival package deal for BSNL and MTNL that features merging the 2 loss-making companies, monetising their property and giving VRS to workers in order that the mixed entity turns worthwhile in two years.

The Union Cabinet headed by Prime Minister Narendra Modi had accredited a plan to mix Mahanagar Telephone Nigam Ltd (MTNL) — which gives companies in Mumbai and New Delhi — with Bharat Sanchar Nigam Ltd (BSNL) that companies the remainder of the nation.

Over the previous few weeks, each the businesses have launched their VRS plans and hundreds of workers of BSNL and MTNL have opted for voluntary retirement. The scheme will assist scale back BSNL’s wage invoice by 50 per cent and MTNL’s by 75 per cent.

The two companies may even monetise property value hundreds of crores within the subsequent three years.

MTNL has reported losses in 9 of the previous 10 years and BSNL too has been within the crimson since 2010.

BSNL has initiated discussions with the Central Board of Secondary Education on the market of particular land parcels. Moreover, the DoT has additionally sounded out the Ministry of Finance about BSNL’s plans to concern sovereign assure bonds. These may very well be floated as early as February, as soon as the requisite approvals are available.

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