Cabinet approves Rs 1.64 lakh crore revival package for BSNL; to merge with Bharat Broadband Network

NEW DELHI: In a bid to revive the ailing telecom firm BSNL, the government on Wednesday approved its merger with Bharat Broadband Network Ltd (BBNL).
The Union Cabinet approved a revival package of Rs 1.64 lakh crore, telecom minister Ashwini Vaishnaw said.
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.
The package has three elements — to improve services, de-stress balance sheet and expansion of fibre network.
He also said that Rs 33,000 crore of statutory dues will be converted into equity.
“BSNL to issue sovereign bonds to repay another Rs 33,000 crore bank loans,” he added.