BSNL’s state-owned telecom company, which has been incurring losses for the past several years, is showing improvement in its financial health. This is evident from the fact that the company has recently paid Rs 1,700 crore to its vendors and contractors.
BSNL’s state-owned telecom company, which has been incurring losses for the past several years, is showing improvement in its financial health. This is evident from the fact that the company has recently paid Rs 1,700 crore to its vendors and contractors.
BSNL Chairman and Managing Director PK Purwar said that the company has paid arrears of Rs 1,700 crore to vendors (contractors) and contractors of various goods. He said that the company has also paid the salary of its employees for the month of November.
Purwar said that Rs 1,700 crore has been paid to the vendors and contractors of BSNL. He said his lenders owed Rs 10,000 crore in total to his venture. Purwar said that the employees’ salary for the month of November has also been released.
The company spends around Rs 800 crore on its monthly salary. In October this year, the government approved a revival package of Rs 69,000 crore to bring BSNL and MTNL back on track. This includes merging the two loss making companies, capitalizing their assets and giving voluntary retirement scheme to the employees.
Both companies have started the VRS scheme and around 92,000 employees opted for this option. This is expected to save Rs 8,800 crore on the salary head of debt-ridden telecom companies. BSNL and MTNL will market assets worth Rs 37,500 crore in the next three years.