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| Govt is keen to offload stake in TCIL |
| Press Trust of India / New Delhi Jun 07, 2009, 16:02 IST |
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The government is keen to divest its holding in another telecom PSU — Telecom Consultants India Ltd — along with BSNL, whose management has been asked to start talks with the employee unions.
"Divesting equity of government holding in TCIL through Initial Public Offer (IPO) route and listing of its shares on stock exchange," was one of the agenda discussed internally by the new government.
TCIL, which also holds 30 per cent stake in Rajasthan mobile operations controlled by Sunil Mittal-promoted Bharti Airtel, is believed to be keen on divesting its stake in the Rajasthan circle.
A Cabinet note has already been prepared for divesting TCIL's stake in Bharti-Hexacom (a joint venture for Rajsthan operations) and a decision is expected soon.
The Department of Telecom (DoT) had earlier proposed to invite market bids for TCIL's 30 per cent stake in Bharti- Hexacom and also Bharti had evinced interest in buying TCIL's holding.
On BSNL, the note said the agenda is sale of government holding in the company through IPO route and listing of BSNL shares on the stock exchange.
Other than these two, DoT is looking to go for divestment of its shares in another PSU — the loss-making equipment vendor ITI where it has already invited Expression of Interests from the prospective bidders.
Recently, Telecom Minister A Raja had said BSNL management had been asked to talk to the union to arrive at a consensus on the IPO.
BSNL chairman Kuldeep Goyal told PTI no formal talks have started with the Union.
Last year, the government had planned to sell 10 per cent of Bharat Sanchar Nigam and list its shares last year. But it had to scrap the proposal after opposition from a major workers' union and the stock market crash.
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