BSNL and MTNL Merger Approved by Union Govt

New Delhi, October 23, 2019:

As part of a revival package, the Union Cabinet on Wednesday approved the merger of loss-making telecom firms BSNL and MTNL. This includes raising sovereign bonds, monetizing assets and voluntary retirement schemes (VRS) for employees.

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This includes raising of ₹15,000 crore sovereign bonds and monetizing ₹38,000 crores of assets in the next four years.

Addressing the media, Union Telecom Minister Ravi Shankar Prasad said the government will put in ₹29,937 crores for the revival of the two state-owned telecom companies. The decision was made by the Cabinet headed by Prime Minister Narendra Modi. A voluntary retirement scheme will be offered to employees to cut costs.

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State-owned operators BSNL and MTNL saw 2.15 lakh and 6,701 subscribers exiting their networks in August.

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