BSNL plans to sell 14 properties to raise Rs. 20 Thousand Crore

HIGHLIGHTS: About 92 thousand employees of BSNL and MTNL have opted for VRS. The goal is to bring both loss making companies within two years.

Public sector telecom company BSNL has submitted a list of 14 properties worth Rs 20,160 crore to the Department of Investment and Public Asset Management (DIPAM) under an ambitious scheme to raise money by selling assets. Meanwhile, a government source said that the Ministry of Skill Development is looking for a plot and the Department of Telecommunications has offered it a plot of BSNL located in Ghaziabad. The estimated value of this land is Rs 2,000 crore.

This property is in many places including Mumbai, Ghaziabad

BSNL Chairman and Managing Director (CMD) PK Purwar said, the company is making every effort to raise money by selling its properties. The company has identified 14 properties to raise Rs 20 thousand crore through Deepam. Purwar said these properties are in Mumbai, Thiruvananthapuram, Chennai, Ghaziabad and other places.

92 thousand borrowers took VRS

In October this year, the government approved a revival package of Rs 69,000 crore to bring BSNL and MTNL back on track. This includes the merger of two loss making companies, redeeming their assets and voluntary retirement scheme (VRS) scheme for employees. The motive behind this is to bring the combined entity to profitability within two years. Both companies started the VRS scheme and around 92,000 employees opted for this option. This is expected to save Rs 8,800 crore on the salary head of debt-ridden telecom companies.

Source: Web