BSNL Cash Reserves Jump 96 Percent In Two Years
New Delhi: State-owned telecom major BSNL's cash reserves declined by a whopping 96 percent to 1,214.44 crore in 2011-12 from 29,355.5 crore 2009-10.
The company had a cash reserve of 29,355.5 crore in 2009-10 fiscal, which declined to 1,733.35 crore in 2010-11 and further slipped to 1,214.44 crore in 2011-12, Minister of State for Communications and Information Technology K Kruparani said in a written reply to the Lok Sabha.
The loss-making company has drawn a blueprint to monetize its vast real estate as well has hiving off its tower arm over the next five years to increase revenues.
The proposals include utilization of its real estate, monetizing of towers assets, utilization of its factories for revenue generation, providing broadband connectivity to schools and leasing out its CDMA network.
Telecom Minister Kapil Sibal has asked BSNL to submit plans that will help the company turn profitable.
BSNL's losses have more than tripled to 5,997 crore during 2010-11. The company had registered a net loss of 1,823 crore during 2009-10.
In real estate, BSNL has about 4,400 hectare of total land bank. It also has seven telecom factories, where it plans to set up manufacturing facilities of electronic equipment in partnership with other manufacturers.