Cab nod to Rs 1.64 lakh cr BSNL revival package

The Union Cabinet on Wednesday approved a Rs 1.64 lakh crore package for the revival of state-owned telecom firm BSNL, Telecom Minister Ashwini Vaishnaw said.

The package has three elements -- to improve services, de-stress the balance sheet, and expansion of fiber network.

Briefing reporters on the decision taken by the Union Cabinet, he said the government will make administrative allocation of spectrum BSNL needs to offer 4G services.

To de-stress the balance sheet, Rs 33,000 crore statutory dues will be converted into equity and a similar amount of bank loans will be repaid through the issue of low-interest bonds.

Also, BBNL will be merged with BSNL, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)