India has drawn up a package worth nearly ₹1.3 trillion ($17.54 billion) to revive state-run telecom companies MTNL and BSNL, according to news agency NewsRise.
The proposed details are expected to be floated in the cabinet next month, the agency reported, citing a senior government official aware of the development.
"The cash component in package would be 250 billion rupees-to-300 billion rupees", the news agency reported citing the official, adding that there would also be issuance of preferential shares to the government.
The development comes after the government deferred, earlier this year, the merger of the two state-owned companies due to financial reasons, according to local media reports.
The remainder of the package would be split into about ₹50,000 crore of spectrum payment dues and 360 billion rupees of pending adjusted gross revenue payments, according to the NewsRise report.
The company, set up in 1986 by the Indian government, posted a loss of ₹6,53 billion rupees for the quarter ended Sept. 30, up from 5.83 billion rupees a year ago.