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BSNL IPO plans get Union Support
By siliconindia
New Delhi: Followed by employee union dropping its opposition to the public float, Bharat Sanchar Nigam (BSNL), India's largest telecom company, is likely to go public. The decision came after union representatives met Union Communications Minister A Raja to discuss various issues, including dearness allowance.
If the company plans to dilute 10 percent, valuing the company at $100 billion, the size of the IPO could be around $10 billion, which would be the second most valuable Indian company just behind Reliance Industries.
Currently BSNL with its 36.6 million subscribers is planning to expand its network by adding 100 million more GSM lines. Currently it lags behind Bharti Airtel and Vodafone in number of GSM subscribers. Part of the reason may be its absence in Delhi and Mumbai.
BSNL has strong fundmentals with net profits of Rs 7,805 crore on a topline of 
39,750 crore. Also it has cash reserves of Rs 40,000 crore and real estate worth Rs 40,000 crore. Moreover, it has an optical fibre network having an all India presence.
39,750 crore. Also it has cash reserves of Rs 40,000 crore and real estate worth Rs 40,000 crore. Moreover, it has an optical fibre network having an all India presence.