BSNL Ready To Offer a stake to Forgin Telecom Firm

Bharat Sanchar Nigam Ltd (BSNL) is ready to offer a stake to a foreign telecom firm if its proposed IPO does not go through, the Business Standard reported, citing the state-owned firm's chairman. BSNL's board had last year approved divesting a 10 percent stake through an initial public offering, which was seen raising up to $10 billion. But opposition from its employee unions forced it to shelve the plan."Foreign partners definitely bring in some expertise that will help the company improve its performance," the paper quoted BSNL Chairman Kuldeep Goyal as saying. The paper said Goyal declined to say how much stake BSNL was willing to offer a foreign investor. Goyal also said they would discuss the stake sale plan with the employee unions and was yet to get a government go-ahead for it. "We have to talk to our employees about whether they would prefer a foreign partner or an IPO," he said. "We also have to see what the government wants." Goyal could not be reached immediately for comment by Reuters.

Source : in.reuters.com/article/businessNews/idINIndia-40826320090706