Cabinet approves Rs 1.64 lakh crore revival package for BSNL; to merge with Bharat Broadband Network

NEW DELHI: In a bid to revive the ailing telecom agency BSNL, the federal government on Wednesday accredited its merger with Bharat Broadband Community Ltd (BBNL).
The Union Cupboard accredited a revival bundle of Rs 1.64 lakh crore, telecom minister Ashwini Vaishnaw mentioned.
Briefing reporters on the choice taken by the Union Cupboard, he mentioned the federal government will make administrative allocation of spectrum BSNL wants to supply 4G companies.
The bundle has three components — to enhance companies, de-stress steadiness sheet and enlargement of fibre community.
He additionally mentioned that Rs 33,000 crore of statutory dues might be transformed into fairness.
“BSNL to situation sovereign bonds to repay one other Rs 33,000 crore financial institution loans,” he added.