BSNL to appoint consultant to enhance shareholder value
Press Trust of India / New Delhi Nov 06, 2009, 18:54 IST
State-run Bharat Sanchar Nigam (BSNL) will appoint a consultant to enhance shareholder value, its Chairman and Managing Director Kuldeep Goyal said today.
"We will appoint a consultant to increase the stakeholder value. But it is not for the IPO," Goyal said.
BSNL has been waiting for the government's nod to go in for an IPO. The BSNL board had earlier authorised the company to do the same. However, this has been stalled by opposition from the workers unions.
The government holds 100 per cent stake in BSNL. It was corporatised in 2000 from being a part of the Department of Telecom.
The country's largest integrated telecom company has a equity base of about Rs 5000 crore and its income for 2008-09 stood at Rs 34,937 crore. The net profit of the PSU stands at Rs 509 crore.
"Increased expenditure due to implementation of Sixth Pay Commission and falling revenues from landline operations resulted in a dip in net profit," the company had said.
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