New Delhi, Aug 5 (UNI) The Joint Forum of BSNL Unions/Association today said the decision on the future course of action in the Bharat Sanchar Nigam Ltd IPO issue will be taken after its meeting with IT and Communications Minister A Raja on August 6.
''We will take a call on the IPO issue till out meeting with Communications Minister A Raja on August 6,'' Union Convener VAN Namboodari said in a statement.
Media reports suggest that the BSNL board has already cleared the company's proposed 10-billion dollar listing.
This decision brings the company at loggerheads with its employee unions, which have threatened to go on an indefinite strike if the PSU goes ahead with the IPO.
The unions are against the BSNL management's contention that listing is necessary for expansion and grant of navaratna status.
Faced with opposition from its unions and the Left parties, the government had shelved BSNL's IPO twice.
BSNL is planning to offer ESOPs and other packages to employees to win their support for the IPO. It also plans to deploy a portion of the proceeds for a new pension package and for training and redeployment of its employees.
If the IPO does come out, BSNL's valuation would go up to Rs 4,00,000 crore, putting BSNL into the top brass of telcos globally in terms of market cap.
UNI SR SLD KN2107