Union Home Minister Amit Shah congratulated Prime Minister Narendra Modi for taking steps to revive Bharat Sanchar Nigam Limited (BSNL) and of Mahanagar Telephone Nigam Limited (MTNL).
"I congratulate PM @narendramodi Ji for taking unprecedented steps to revive BSNL & MTNL, also to make them more competitive. Funding of over Rs 20,000 crore through capital infusion will be made and Sovereign guarantee for long term bonds of Rs 15,000Crore will also be provided," tweeted Amit Shah.
The Union Cabinet on Wednesday approved the merger of MTNL with BSNL.
Briefing reporters after the cabinet meeting, Communications and Electronics and Information Technology Minister Ravi Shankar Prasad said that a revival plan for BSNL and MTNL has been approved.
"We are going to merge MTNL with BSNL. Since MTNL is a listed company with shares the merger will take time. Till then MTNL will act as a subsidiary of BSNL," he said.
He also said that the government has no plan to close or disinvest MTNL and BSNL and expressed confidence that BSNL will become profitable in two years.
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