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Rediff.com  » Business » BSNL awaits govt nod on IPO

BSNL awaits govt nod on IPO

June 23, 2009 16:47 IST

Bharat Sanchar Nigam Ltd said on Tuesday it is waiting for the government's approval for its initial public offer.

"We will have to await the decision of the government. . .We will start negotiating with (employee) unions once we get the government's approval," BSNL chairman and managing director Kuldeep Goel told reporters here on the sidelines of a conference.

BSNL had proposed to dilute 10 per cent of the government's equity holding through an IPO to raise about $10 billion. However, the offering was put off amid opposition from the employees union.

The IPO proposal was submitted a year ago. "We have not submitted any fresh proposal...our proposal is with the government. If the government decides we have to go for the IPO. Then we will talk to the unions and evaluate the company."       

On the company's mega GSM tender, Goyal said Ericsson had technically qualified for supplying equipment in the northern and eastern parts of the country, while China's Huawei had qualified for the southern region.

BSNL will negotiate pricing with the two companies, he said.

The company is yet to decide on a bidder for the western region.

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