Decision on revival package for cash-strapped BSNL pushed back

A meeting convened by PK Mishra, principal secretary to the Prime Minister, on the revival of Bharat Sanchar Nigam (BSNL) on Thursday ended without any conclusion, mainly on the question of whether the revival is possible or not.

It is learnt that the group of secretaries has been asked to study that matter in four-five days. According to a source, “If the meeting of secretaries decides for revival, then method of funding like creating a special purpose vehicle will be discussed and decided.” 

The meeting was held to find a solution to the financial woes of the beleaguered PSU, which is awaiting the central government's fund infusion to stay afloat amid cut throat competition in the telecom sector.

BSNL had sought relief from the government in the form of conversion of debt into sovereign guarantee, pay revision and subsequent voluntary retirement.