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New Delhi, March 20

Bharat Sanchar Nigam Ltd has invited bids from merchant bankers to act as advisors for its proposed initial public offering (IPO). Though the quantum of the IPO or the equity percentage that the PSU is planning to offload is not clear, BSNL officials said that the details will be worked out soon. BSNL, which has neatly 60 million subscribers across the country, had reported a net profit of Rs 10,183 crore during 2004-05. The company has planned major investments including a $ 5-billion cellular infrastructure roll out. The Government is also considering a proposal from ICI Securities-led consortium to merge the other state owned company MTNL into BSNL followed by an IPO. When listed, BSNL will join the likes of Bharti Tele-ventures, Reliance Communication Ventures, Tata Teleservices (Maharashtra), Videsh Sanchar Nigam Ltd, Himachal Futuristics Communication Ltd and Shyam Telecom, whose stocks are being traded on the bourses.

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