India cabinet okays $11bn revival plan for state-owned BSNL
Business
BSNL, struggling with poor infrastructure, has been battered by intense competition from Jio
NEW DELHI (Reuters) – India's cabinet has approved a revival package of 890.47 billion rupees ($10.79 billion) for state telecom operator Bharat Sanchar Nigam Ltd (BSNL), CNBC-TV 18 reported on Wednesday citing sources.
The development comes days after BSNL partnered with top software company Tata Consultancy Services to help deploy 4G network across the country when larger rivals are rolling out high-speed 5G network.
BSNL, struggling with poor infrastructure, has been battered by intense competition from Jio, the wireless arm of Reliance Industries,
Bharti Airtel and Vodafone Idea which have rolled out 4G services at low prices on voice calls and data.
Shares of state-owned telecom firm Mahanagar Telephone Nigam Ltd surged nearly 12 per cent after the news on rival package for BSNL.
