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Cabinet approves merger of BSNL and MTNL

Cabinet approves merger of BSNL and MTNL

NEW DELHI. The government decided to merge loss-making telecom firms MTNL and BSNL as part of a revival package that includes raising sovereign bonds, monetising assets and voluntary retirement scheme for employees.

Union Minister Ravi Shankar Prasad dispeled the speculations that MTNL and BSNL could be disinvested.

"Neither MTNL or BSNL are being closed, nor being disinvested, nor is being hired to any third party," RS Prasad said.

Union Cabinet has approved revival plan of BSNL and MTNL, in-principle merger of the two. "Spectrum of 4G to be allocated to Telecom PSEs (Public Sector Enterprises). VRS (voluntary retirement scheme) packages to be offered," Prasad said.(UPDATED ON OCTOBR 23RD, 2019)