PSU NEWS

BSNL revival plans better than earlier proposals Employees union

NEW DELHI . The Sanchar Nigam Executives’ Association (SNEA), an employees’ union of Bharat Sanchar Nigam Ltd (BSNL), said it welcomes the revival plans for the PSU, which is “much better” than its earlier proposal. However, the union is cautious on the Voluntary Retirement Scheme (VRS) announced along with revival package.
 
Now the ex-gratia would be paid by the Government and not by BSNL, which saves about Rs 14,800 crore and interest to the company. Earlier BSNL had proposed to make the payment through bonds with a sovereign guarantee, SNEA General Secretary Sebastin K told BusinessLine.
 
Further, an 18 per cent GST totalling to Rs 2,806 crore for 4G spectrum would also be paid by the Government instead of BSNL. The Government’s permission for sovereign bond of Rs 15,000 crore for capex and opex would also be big relief as revival plans have denied setting up of a Special Purpose Vehicle (SPV), he said.

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