Good news for BSNL, MTNL: Govt fast-tracks Rs 69,000 crore revival plan

A seven-member Group of Ministers (GoM) has been constituted to fast-track and oversee the implementation of the Rs 69,000 crore revival plan for state-owned telecom corporations BSNL and MTNL, sources said. The high-level group will expedite smooth implementation of recent decisions taken on revival of BSNL and MTNL that includes crucial elements like allocation of 4G spectrum and asset monetisation, official sources told PTI.

The GoM includes Defence Minister Rajnath Singh, IT and Telecom Minister Ravi Shankar Prasad, Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Oil Minister Dharmendra Pradhan, they added. “There are crucial elements like business viability, workforce, issue of bonds, monetisation and 4G spectrum allotment in the revival package. The GoM will expedite and oversee the plans,” the sources said.

In October this year, the government had approved a Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and giving VRS to employees so that the combined entity turns profitable in two years.