Strategic partner with 26
pc stake an ideal solution: BSNL CMD
Facing
a sharp deterioration in its finances and market share, state-owned BSNL today
said selling a 26 per cent stake to a strategic partner, be it foreign or
domestic, could improve its performance. "In the interest of the company, we should have a strategic partner where
they have a 26 per cent stake," BSNL Chairman and Managing Director
Kuldeep Goyal told PTI. Goyal, who is retiring on July 31 after a nearly 3-year
stint as CMD of BSNL, said a strategic partner can bring a lot of experience
and vision that will help the PSU compete with private players effectively. A high-level panel led by Sam Pitroda had
recommended 30 per cent divestment in BSNL as part of steps to improve BSNL's
financial health. The proposal for a
stake sale, which will pave the way for its initial public offering (IPO) and
consequent listing on the stock exchanges, has been vehemently protested on
various occasions by BSNL's employees. However,
Goyal said they (the employees) should get a share in the stake sale so that
they also feel that they own the company. "A part (of the stake) should go to the
employees so that they also feel that they own the company and that they have a
stake in the company. That seems to be the best way forward for the
government," he added. The telecom
veteren feels that the agitating unions can also be brought on board for this. "I
think if a decision is taken, then it could be explained to them... their fear
is that it should not be privatised... that government should explain to them
it will continue to have a 51 per cent stake in the company. "This
categorical assurance, if it is given to them, I think they can be bought on
board," Goyal said. "To begin with, dilution of 10 per cent stake is
a good amount, it should be gradually increased to 26 per cent by the
government," he said. Asked whether the management has negotiated with any
foreign player, Goyal said no such talks have been initiated. But there are
some good foreign players like Deutsche Telekom, France Telecom and British
Telecom who could be considered. Citing the example of Tata Docomo, he said
once Docomo tied up with Tata Telecom, their performance improved
significantly.
THE CAT IS OUT OF THE BAG
This proves about the nexus of some of our so
called unions/associations. They were all along spreading vicious tales about
the financial status of BSNL and its very existence - virtually writing it off.
Some of them have even tried to create panic stating that the absorbed
BSNL employees and their families would shortly start bleeding and that the
Company will have no finances and means to pay for the monthly wages in the
days to come. But any one who has watched their modus operandi in
the past could have guessed that it is an effort to de-sensitise and prepare
the employees to accept Govt's impending decision for disinvestment of
BSNL. They are preparing the ground for the same and trying to weaken the
opposition against disinvestment. Now the cat is out of the bag.