Business News | 'Any Relief on Bank Guarantee Will Be Provided Across the Sector': Scindia on Vodafone Idea Request for Waiver of Bank Guarantees for Spectrum
Get latest articles and stories on Business at LatestLY. Responding to a question from reporters Union Communications minister Jyotiraditya Scindia said on Tuesday that any relief on bank guarantee for spectrum allocation to any telecom player will be given across the board, however, no decision is made as of now.
New Delhi [India], November 12 (ANI): Responding to a question from reporters Union Communications minister Jyotiraditya Scindia said on Tuesday that any relief on bank guarantee for spectrum allocation to any telecom player will be given across the board, however, no decision is made as of now.Vodafone Idea has requested the government to waive the bank guarantee for spectrum allocation as the company is stressed with funds."I don't think any step the government takes is going to be company-specific, because it's a sectoral step," said Scindia.
On questions about a package for the revival of BSNL, Scindia said BSNL is a 100 per cent government-owned company and any relief package to them cannot be compared with private sector companies. "All the assistance that has been given has been given from a sectoral point, except the case of BSNL, which is 100 per cent Government company, and that too, as I've mentioned to you many times before, for the first time in India's history, probably on the global perspective, you have a company that has come up with its own Indigenous stack," said the minister.The government has announced three revival packages for BSNL since 2019. In October 2019, the government announced a revival package of Rs 69,000 crore for BSNL.
Also Read | Karnataka Minister Zameer Ahmed Khan Tenders Apology for Referring to HD Kumaraswamy as ‘Kaalia’.
Again in July 2022, the government approved a revival package of Rs 1.64 lakh crore for BSNL. This package includes fresh capital to upgrade BSNL services, Spectrum allocation, De-stressing the balance sheet of BSNL, and merging Bharat Broadband Nigam Limited (BBNL) with BSNL to increase its fiber network
In June 2023, the Union Cabinet approved a third revival package for BSNL worth Rs 89,047 crore. This package includes allotment of 4G/5G spectrum to BSNL and increasing BSNL's authorised capital from Rs 1,50,000 crore to Rs 2,10,000 crore
Scindia also said that India's telecom sector has received a tremendous amount of boost from the government over the last two to two and half years. There are four telecom players in the market which is necessary from a sectoral point of view. Customer must be given a choice which India is giving. (ANI)
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)