No decision yet on BSNL listing

NEW DELHI: The Telecom Commission (TC) — the apex decision-making body of the communications ministry — on Wednesday failed to take a decision on listing state-owned telco BSNL and selling a 30% stake in the PSU as suggested by a Prime Minister-appointed panel.
Instead, the TC referred this issue to an internal department of the telecom committee, which has been asked to study the Pitroda panel report and submit its observations within 30 days.

Earlier this year, the Sam Pitroda-headed 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, this panel, whose members included banker

Deepak Parekh and telecom secretary PJ Thomas as members, proposed.

The committee also added that the telco use the funds from the share sale to retire about a third of its three lakh employees through best possible processes, like VRS, and induct young talent.