Sunday, June 28, 2009

[TTABSNL] Re: Government may announce BSNL listing in the Budget



actually the IPO is inevitable...so even if we oppose it will come sooner or later...but before it comes we have to get our demands done by the management as BSNL management wants to appease employees so they could happily accept the IPO.

So this period would be a critical point of turn for SNATTA. as we can put our Important demands in front of BSNL mgmt and our goal would be accomplished.

regards,
bandhan preet singh

--- In TTABSNL@yahoogroups.com, G S Rajawat <gcsrajawat@...> wrote:
>
>
> Government may announce BSNL listing in the Budget
> 23 Jun 2009, 2106 hrs IST, ET Now
> NEW DELHI: The government is likely to announce BSNL's proposed listing in the upcoming Budget, a top official in the communications ministry told
> ET NOW. The official also said that the IPO is likely to be included as a statement of intent in the Budget and added that the both the department of telecom (DoT) and BSNL would begin working on the initial public offer after the budget session of Parliament.
>
> "Once the IPO is announced, the government will go ahead with the listing even if a section of the employees are opposed to it," the official added.
>
> Last year, BSNL had announced that it plans to sell 10% and raise about Rs 40,000 crores, but the telco was forced to defer its listing after opposition from its employee unions coupled with the meltdown of the stock market. But, the UPA regime is keen on BSNL's listing and telecoms minister A Raja has already asked the telco's mamagement to begin talks with employee unions and address their concerns.
>
> Meanwhile, BSNL on Tuesday said that awaiting the government's approval for its IPO while adding that the company was scouting for acquisitions and telecom licenses in African countries. "We will start negotiating with the employee unions once we get the approval from the government to go ahead with the IPO," the company's chairman and managing director Kuldeep Goyal told ET NOW.
>
> "We are confident of resolving all issues with the employee unions. Once the government takes a decision on the IPO, then we will convince the unions. Even last year, when we held talks, there was a section of the union that was willing to consider it. I think they if we explain the move in perspective they will come on board," Mr Goyal added.
>
> As part of the deal with the unions, BSNL is exploring the option of sweetening its earlier offer to give all its three-lakh employees 500 shares at Rs 10 each (which would have given each employee a minimum of Rs 1.5-2 lakh at the time of BSNL’s listing on the bourses) in exchange for the employee unions to drop their opposition to BSNL’s proposed IPO.
>
> In August 2008, BSNL employee unions had rejected communications minister A Raja’s offer of 500 shares at Rs 10 each per employee thereby preventing BSNL from going ahead with its IPO. The BSNL management in consultation with the communications ministry now plans to give employees a ‘better’ offer, but have not finalised the finer details.
>
> With a revised offer, BSNL is hopeful of a breakthrough this time around as the management is confident that a large number of employees and even the smaller unions are open to negotiate on the stock offer. In a bid to win over some of the employee unions, BSNL is likely to widen the scope of the discussions related to the listings to include other issues such as long pending employee demands for higher way, allowances, promotions and other benefits in line with private sector companies. Besides, the BSNL management may also ask the Centre to give the company ‘Maharatna’ status, which the unions have been demanding for over a decade now
> According to Goyal, the telco planed to expand its operations to Africa. Earlier this month, BSNL had appointed eight consultants to advise the
> company on its international forays. Mr Goyal also said that the telco had over Rs 30,000 crores in reserves and sad that a part of this would be used for acquisitions and expansions in international markets.
> BSNL also said that it had opened financial bids from Sweden's Ericsson and China's Huawei for its GSM equipment contract and added that price negotiations were currently on with the two equipment companies.
>
> He said that Ericsson was the only qualified bidder for the north and east zones which has a total of 43 million lines Huawei had qualified for 25 million lines in the southern zone. "A dialogue is going on with them. If the rates are reasonable, they should get the orders," he said.
>
> Asked on Nokia Siemens Networks (NSN), which had gone to courts challenging BSNL's decision to disqualify the company from its tender for 93 million lines, Mr Goyal said: "We have shortlisted the technically qualified bidders. They (NSN) did not make the cut".
>
> Mr Goyal also added that the opening of the financial bids meant that BSNL had finalised the vendors for the North, East and South regions. He also said that BSNL was yet to decide on the 25 million new lines planned for the western zone.
>
> Meanwhile, as reported earlier by ET, the umbrella body representing all employee unions of BSNL, has asked the telco's management to act against NSN for 'delaying BSNL's expansion plans'. The employee unions are upset with NSN's move to approach the courts challenging BSNL's decision to disqualify the company's bid.
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> With Regards :-
> G S Rajawat
> Bharat Sanchar Nigam Limited
> (A Govt. Of India Enterprise)
> Rajasthan
> Cell: +91-9413424883
> gsrajawat@...
>
>
> ICC World Twenty20 England &#39;09 exclusively on YAHOO! CRICKET http://cricket.yahoo.com
>

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