BSNL hopes to hear from govt on IPO soon

BSNL hopes to hear from govt on IPO soon
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First Published: Tue, Jun 23 2009. 02 03 PM IST
Updated: Tue, Jun 23 2009. 02 03 PM IST
New Delhi: Indian telecoms firm Bharat Sanchar Nigam Ltd hopes to hear soon from the federal government on its initial public offer plans and will appoint merchant bankers, chairman Kuldeep Goyal said on Tuesday.
The government had last year mooted proposals to list the state-owned firm, which was expected raise $10 billion to be the country’s largest-ever IPO. But the offering was put off amid opposition from communist parties and the firm’s employees.
Goyal said Sweden’s Ericsson, had technically qualified for supplying GSM equipment in the northern and eastern parts of the country, while China’s Huawei had qualified for the southern region.
BSNL will negotiate pricing with the two companies, he said.
BSNL, India’s fourth-largest mobile operator, had last invited bids for equipment to build 93 million GSM lines, which attracted interests from global majors including Ericsson.
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First Published: Tue, Jun 23 2009. 02 03 PM IST
More Topics: BSNL | India | Telecom | IPO | Disinvestments |