No timeframe as of now for IPO, says BSNL

State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) is awaiting approval from the government for its maiden initial public offering (IPO).
In an interview with CNBC-TV18, Kuldeep Goyal, Chairman and Managing Director of BSNL says no timeframe has been set as of now for the IPO.
Goyal says valuation of telecom companies have come down due to the ongoing tariff war.
However, its employee unions are still opposed to the idea. Goyal hopes to get the unions on board once the government nod comes in for the IPO. "A formal dialogue with the unions will happen once a decision is taken."
The company has proposed to dilute 10% of the government's equity holding through IPO to raise about USD 10 billion, has a paid up capital of around Rs.5,000 crore and clocked revenues around Rs 45,000 crore in 2008-09.
Goyal expects overall revenues to be more or less in the same region as FY09. "We will be having pressure on profitability but going forward, definitely there will be a significant improvement."


Source Money Control