Economy

Union Govt Approves BSNL, MTNL Revival Plan

Union Govt Approves BSNL, MTNL Revival Plan

Union Government has approved a revival plan for MTNL and BSNL, insisting that neither of the 2 companies are being shut down closed or disinvested.

The Union IT Minister Ravi Shankar Prasad informed reporters regarding this cabinet desicion at New Delhi, the cabinet has approved a revival plan and has given an in-principle approval for the merger of BSNL and MTNL.

He informed that under the revival plan Rs 15,000 crores worth of sovereign bonds will be raised and Rs 38,000 crore worth of assets monetised.

Prasad described the companies as strategic assests of India and said that attractive Voluntary Retirement Scheme(VRS) packages will be offered to the employees of the company.

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