Corporate | BSNL unions remain opposed to public issue

Corporate | BSNL unions remain opposed to public issue
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First Published: Sat, Jun 06 2009. 12 47 AM IST
Updated: Sat, Jun 06 2009. 12 47 AM IST
New Delhi: State-owned Bharat Sanchar Nigam Ltd (BSNL) employees continue to oppose the plan of bringing an initial public offering (IPO) of the telecom company, two officials from BSNL’s employees’ unions said on Friday.
“We remain strongly opposed to the idea of listing the company. Even a sweetened offer will not be acceptable to us,” said V.A.N. Namboodiri, general secretary of BSNL Employees Union, on Friday.
The company’s plans for an IPO have been hanging fire for at least a year now.
“We have instead demanded Navratna status that will give more autonomy to the company and have written to the prime minister on that,” K. Vallinayagam, general secretary of Federation of National Telecom Organization, another BSNL staff union, said.
Newswire18
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Indonesian firms buy out Unitech stake in SEZ
Kolkata: Indonesia-based Universal Success Enterprise Ltd and Salim Group have bought out real estate firm Unitech Ltd’s 40% stake in the tripartite consortium formed to develop the petrochemical special economic zone (SEZ) at Nayachar, West Bengal, Universal Success chairman Prasoon Mukherjee said on Friday.
He, however, did not disclose the value of the transaction. Universal Success had a 20% stake and Salim Group 40% in New Kolkata International Development Pvt. Ltd that would develop the petrochemical hub in a joint venture with the West Bengal government.
Newswire18
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First Published: Sat, Jun 06 2009. 12 47 AM IST