Plans to list a stake in state-owned fixed-line operator Bharat Sanchar Nigam (BSNL) are on hold, according to local reports citing the Department of Telecommunications (DoT).
The DoT is reportedly waiting for the company’s financial results to improve…
Plans to list a stake in state-owned fixed-line operator Bharat Sanchar Nigam (BSNL) are on hold, according to local reports citing the Department of Telecommunications (DoT).
The DoT is reportedly waiting for the company’s financial results to improve before undertaking an IPO.
The Indian government has been considering what to do with BSNL for a number of years, with an internal panel reviewing several options including a share sale or restructuring.
But the government’s task became more challenging after the group posted a net loss of Rs18.2bn ($395m) for the fiscal year 2009/2010. Tough competition in the country also pushed down revenues by 10% to Rs320bn (US$6.93bn) and the company had to pay a high price for 3G spectrum, according to the reports.
