Business News | Union Cabinet Approves Third Revival Package for BSNL

New Delhi [India], June 7 (ANI): The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the third revival package for BSNL with a total financial outlay of Rs 89,047 crore. It includes an allotment of 4G/5G spectrum for BSNL.

With this revival package, the government expects BSNL will emerge as a stable telecom service provider focused on providing connectivity to the remotest parts of India.

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Telecom is a strategic sector and the presence of BSNL in the telecom market acts as a market balancer.

The government had in 2019 and 2022 approved the first and second revival packages for BSNL/MTNL worth Rs. 69,000 crore and Rs 1.64 lakh crore, respectively.

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"It (the revival packages) provided financial support for capex, viability gap funding for rural landlines, financial support for de-stressing the balance sheet, and settlement of AGR dues, the merger of BBNL with BSNL, etc," the government said today in a statement.

As a result of these two packages, BSNL has started earning operating profits since 2021-22. BSNL's total debt has reduced from Rs 32,944 crore to Rs 22,289 crore. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)