Government delays BSNL and MTNL merger
By MYBRANDBOOK
The Minister of State (MoS) for Communications Devusinh Chauhan said that the government has postponed the merger of state-run telecom companies Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) due to financial reasons including the high debt of MTNL.
A few weeks ago, the BSNL Employee Union wrote to PM Narendra Modi saying that the proposed merger between MTNL and BSNL would do “irreparable damage” to the revival plan for BSNL. Further, the group “fervently appealed to drop the proposal to merge MTNL with BSNL” and suggested that the government should take over MTNL’s debt of Rs 26,000 crore, and should provide sufficient financial assistance to BSNL for the restoration of MTNL network.
BSNL Chairman and Managing Director PK Purwar, has asked the Telecom Department to consider carving out more than Rs 26,500 crore debt of MTNL and its assets under a special purpose vehicle (SPV).
The merger of BSNL and MTNL was a part of the revival package for both the telecom companies as a part of which employees of both the telcos would be given the option of choosing voluntary retirement from the service. The employees who chose to retire have been given a lump sum amount including some retirement benefits.
Earlier in 2019, the cabinet had also approved a revival package for the state-owned BSNL and MTNL worth Rs 70,000-crore that included a voluntary retirement scheme (VRS), monetizing Rs 38,000 crore of assets and allocation of fourth generation or 4G airwaves, and a merger between the two companies.
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