Tag: central government

BSNL will get a rescue package worth Rs. 1.64 lakh crore and will merge with BBNL.
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BSNL will get a rescue package worth Rs. 1.64 lakh crore and will merge with BBNL.

Telecom Minister Ashwini Vaishnaw stated on Wednesday that the Union Cabinet had authorized a package worth 1.64 lakh crore Indian rupees for the purpose of reviving the state-owned telecom company BSNL. The plan includes three components: first, an improvement of services; second, a reduction of stress on the balance sheet; and third, an expansion of the fiber network. In his briefing to the press on the decision reached by the Union Cabinet, he stated that the government would make an administrative allocation of the spectrum that BSNL need in order to provide 4G services. In order to alleviate the strain on the balance sheet, statutory obligations in the amount of Rs. 33,000 crore would be turned into equity, and a comparable amount of bank loans will be repaid through the issu...