BSNL, MTNL to Fuse, Cabinet reports Rs 29,937-crore recovery bundle

In an offer to patch up state-claimed telecom firms, the Union Cabinet Wednesday affirmed the merger of Mahanagar Telephone Nigam Limited (MNTL) with Bharat Sanchar Nigam Limited (BSNL).

“MTNL, BSNL are nor being shut nor stripped,” Union Telecom Minister Ravi Shankar Prasad told correspondents in New Delhi.

The Cabinet likewise endorsed a restoration bundle of Rs 29,937 crore for the two misfortune making telecoms. The recovery bundle incorporates raising of Rs 15,000 crore sovereign securities and monetising Rs 38,000 crore of advantages in next four years.

To eliminate costs, Ravi Shankar Prasad stated, an alluring willful retirement plan would be offered for representatives. Until the merger is finished, MTNL will go about as a backup of BSNL, Prasad included.

The present Cabinet declaration comes when MTNL and BSNL have been posting progressive loses in later money related a very long time in the midst of hardened challenge from private players.

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