Union Cabinet Approves Rs.1.64 Lakh Crore Revival Package For BSNL

In a move to help the loss making firm, the Union Cabinet on Wednesday has approved a Rs 1.64 lakh crore revival package for Bharat Sanchar Nigam Limited (BSNL) and also the merger of BSNL and Bharat Broadband Network Limited, the Telecom Minister Ashwini Vaishnaw said. 

The package has three elements -- to improve services, de-stress balance sheet and expansion of fibre network. The government will make administrative allocation of spectrum to BSNL to help it expand 4G services, he added.

To de-stress the balance sheet, ₹ 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, the minister said. 

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