Fast tracking the process of disinvestment in public sector enterprises, the government has initiated talks with the Department of Telecommunications (DoT) for disinvestment in BSNL and Telecommunications Consultants India (TCIL) in the current fiscal. Finance secretary Ashok Chawla had reportedly held a meeting with various ministries over disinvestment in certain companies and also about IPOs of TCIL and BSNL.
TCIL’s fate over its IPO was to be decided by the DoT and Department of Disinvestment (DoD).
Keeping in mind a protest from its employees over the IPO, the issue of BSNL IPO would also be taken care of during the current fiscal. BSNL is aiming to sell 10% out of the government’s 100% stake, but was forced to roll back the plans owing to opposition from its employee unions, as well as subdued sentiments in the meltdown of stock markets.
TCIL is also set to hit the capital market, having a turnover of around Rs 602 crore in the last fiscal and a net worth of Rs 400 crore.
However, the finance ministry has reiterated that there would be no strategic sale and roadmap for divestment in PSUs will be presented in three-four weeks.