Government assures BSNL unions on the IPO issue

August 7th, 2008 - 10:38 pm ICT by ANI  

New Delhi, August 7 (ANI): The Government today asked the state owned telecom operator Bharat Sanchar Nigam Limited (BSNL) and its employees unions to carry forward healthy discussions on the BSNL IPO (Initial Public Offering) issue.

Minister of Communications and Information Technology Thiru A. Raja met representative of the unions and BSNL officials to discuss the matter.

He said the IPO would lead to better social and economic security of employees. The Minister said that the company and the unions should get engaged in rounds of talks in the near future.

Raja pointed out that the employees will get Employees Stock Option (ESOP) at liberal and concessional rate and will get ownership right in the company.

Enumerating the benefits to the employees, he said if an employee gets 500 shares at Rs. ten his net gain would be about Rs. 1.5 lakh.

Raja allayed apprehensions of the trade unions regarding the IPO issue and said this would benefit the public sector telecom giant. He underlined that it will reveal real value of the BSNL.

It will also help in getting Navratna Status for BSNL, which will result in more autonomy.

It will increase BSNL rating in national and international markets, which will result in better business negotiations in the competitive environment.

The Minister said that the listing of BSNL will require placing of all the accounts of the company in public domain, which will result in transparency and help in better resource management. (ANI)

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