{"id":48470,"date":"2021-09-30T19:03:00","date_gmt":"2021-09-30T13:33:00","guid":{"rendered":"https:\/\/kashmir.today\/?p=48470"},"modified":"2021-09-30T19:03:00","modified_gmt":"2021-09-30T13:33:00","slug":"to-survive-financial-crisis-bsnl-seeks-rs-40000-cr-support-from-government","status":"publish","type":"post","link":"https:\/\/kashmir.watch\/?p=48470","title":{"rendered":"To Survive Financial Crisis, BSNL seeks Rs 40,000 cr support from government"},"content":{"rendered":"\n<p><a href=\"http:\/\/www.ptinews.com\/news\/12777086_BSNL-seeks-Rs-40-000-cr-support-from-government.html\">PTI<\/a><\/p>\n\n\n\n<p>In order to survive Financial Crisis, State-owned telecom firm BSNL has approached the government for Rs 40,000 crore financial help, half of which it needs in the form of sovereign guarantee to clear short-term debt.<\/p>\n\n\n\n<p>BSNL Chairman and Managing Director PK Purwar told PTI that the company does not need any additional debt and its business has become self-sustainable to support the operations.<\/p>\n\n\n\n<p>&#8220;We do not need any additional debt. We have asked for Rs 20,000 crore sovereign guarantee to pay back our short-term debt and issue long term bonds. We will need Rs 20,000 crore if we have to set up 1 lakh node B (mobile sites) for mobile network rollout,&#8221; Purwar said.<\/p>\n\n\n\n<p>The BSNL CMD confirmed that he has approached the government for the support, which is beyond the Rs 69,000 crore relief package that was announced in 2019.<\/p>\n\n\n\n<p>At present, BSNL has a debt burden of Rs 30,000 crore which is one of the lowest in the telecom sector.<\/p>\n\n\n\n<p>Purwar also heads MTNL, which is proposed to be merged with BSNL. The government has already issued a permit to BSNL to operate mobile business in Delhi and Mumbai which was earlier managed by MTNL.<\/p>\n\n\n\n<p>The Appointments Committee of the Cabinet on Wednesday extended the additional charge of Purwar as chairman and managing director of loss-making telecom firm MTNL for a period of one year till October 2022.<\/p>\n\n\n\n<p>The government had offered a combined revival package of about Rs 69,000 crore to BSNL and MTNL in October 2019 that has helped both telecom PSUs in narrowing their losses.<\/p>\n\n\n\n<p>According to official data, losses of BSNL have narrowed to Rs 7,441 crore in 2020-21 from Rs 15,500 crore in 2019-20.<\/p>\n\n\n\n<p>MTNL reported a total loss of Rs 2,554 crore for the last fiscal compared to Rs 3,811 crore in 2019-20. (PTI)<\/p>\n\n\n\n<p> <em>(Except\u00a0for the\u00a0headline, this story has not been edited by\u00a0Kashmir Today staff\u00a0and is published from a syndicated feed.)<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PTI In order to survive Financial Crisis, State-owned telecom firm BSNL has approached the government for Rs 40,000 crore financial help, half of which it needs in the form of sovereign guarantee to clear short-term debt. BSNL Chairman and Managing Director PK Purwar told PTI that the company does not need any additional debt and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-48470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/48470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48470"}],"version-history":[{"count":0,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/wp\/v2\/posts\/48470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kashmir.watch\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}