BSNL IPO to be launched, fund used for training and pensionThe state government owned BSNL has a proposed $10 billion IPO
29 Jul 2008
The state government owned Bharat Sanchar Nigam (BSNL) has a proposed $10 billion Initial Public Offer (IPO). In order to win the companies employee unions who are opposing the offer, the company has promised to use a portion the proceeds towards pension funds plus for training and re-deployment of Public Sector Unit employees (PSUs). But, no specific number has been disclosed.
BSNL's annual payment for pension is around Rs 100 crore per month. For new data-driven business like broadband the government is likely to announce retraining for the large section of the BSNL workforce for redeployment.