www.bsnlnewsbyashokhindocha.blogspot.com M-9426201999
BSNL board approves Pitroda panel report on 30% stake sale
NEW DELHI/MUMBAI: The board of state-owned telco BSNL on Wednesday gave an in-principle approval to the Sam Pitroda committee report that called
for a 30% stake sale in the PSU, but said that the government should take the final call on the quantum of stake to be divested. The board has now put the ball in the government’s court asking it to decide on implementing the 15-point formula recommended by the panel to revive the public sector company.
“...we have asked the government to decide on the stake that has to be divested,” BSNL chairman and managing director Kuldeep Goyal told ET after the board meet.
This marks the third instance of the BSNL board clearing the stake sale. Since 2007, BSNL has twice approved the proposal to divest 10% stake in the company but the telco has been unable to go ahead with the same due to stiff opposition from its employee unions.
Earlier this month, the Sam Pitroda panel had recommended a strategic stake sale and staff cut by a third to revive the flagging fortunes of state-owned BSNL. The government should sell a 30% stake in the company through an IPO and also raise funds from the sale of its infrastructure, such as signal towers and real estate, Pitroda had said. Earlier this year, Prime Minister Manmohan Singh, worried about the steep decline in BSNL’s profitability over the years, called in Pitroda to head a committee with banker Deepak Parekh and telecom secretary PJ Thomas as members and suggest measures for revival.
While the Pitroda committee had recommended that the telco use the funds from the share sale to retire about a third of its 3 lakh employees, through best possible processes like voluntary retirement scheme (VRS) and induct young talent in technology and customer services, the board has again asked the communications ministry to decide on the number of employees who should be retired through this option.
‘The board has accepted that select cadres in certain divisions can be given VRS, but there has been no decision on the numbers. These will be finalised after consultations,” Mr Goyal added.
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