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BSNL hopeful of winning union nod for IPO

BSNL hopeful of winning union nod for IPO
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First Published: Tue, Aug 12 2008. 03 27 PM IST
Updated: Tue, Aug 12 2008. 03 27 PM IST
New Delhi: State-owned telecom company Bharat Sanchar Nigam Ltd (BSNL) is hopeful of getting its unions on board for its proposed initial public offer (IPO), which could raise up to $10 billion in the country’s biggest-ever share sale, its chairman said on 12 August.
“There are positive responses,” Kuldeep Goyal said on the sidelines of a company event.
BSNL has more than 300,000 employees and several unions. Its major unions are opposing a planned 10% IPO on fears the move will lead to job losses, while BSNL is trying to woo employees by offering them shares at nominal value.
Asked whether the company would go ahead with the IPO if the employees continued to oppose, Goyal said: “Let us first come to that. When we will come to the bridge, we will cross it.”
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First Published: Tue, Aug 12 2008. 03 27 PM IST
More Topics: Bsnl | IPO | unions | shares | phone |