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BSNL preparing for IPO

NEW DELHI: Bharat Sanchar Nigam Limited (BSNL) is likely to go public soon. “(Trade) Unions will respond positively to suggestion for listing of BSNL before June 3, which will help BSNL in getting the Navratna status which is very essential in order to maintain the image of BSNL and its survival and growth,” said an official statement.

This statement comes following a ‘positive’ meeting between Communications and Information Technology Minister A. Raja and various BSNL trade union leaders held here on Thursday.

“The meeting ended on a positive note with a collective decision on some issues which included 50 per cent industrial dearness allowance (IDA) merger orders that will be issued by BSNL,” the statement added.

The issue of listing BSNL, valued at around a staggering Rs.4-lakh crore, is being debated for long with trade unions opposing it. But the Government wants funds for upgradation and expansion of BSNL’s infrastructure to compete from private players. It has already started a massive mobile network expansion project. A 10 per cent dilution in the BSNL stake will fetch the company Rs. 40,000 crore and help fund its future projects.

The meeting also decided that the promotion policy for the non-executives would be decided within three months of issues of wage revision orders for executives of PSEs from the government in order to avoid anomalies and conflicts between executive and non-executive pay scales. In another decision, the surplus staff of the Central Telegraphic Office (CTO) would be given voluntary retirement scheme (VRS) or redeployed at other stations wherever required. “Finally, it is also decided that no dharna or agitation will be held on these issues,” the statement added.

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