The Telecom Commission will meet next month to discuss divestment of government equity in Telecommunications Consultants India Ltd. (TCIL). It will lead to the formation of Finance Corporation for the telecom sector.
The seven-member commission will meet to evaluate the progress of Rs 21,000 crore National Optic Fibre Network (NOFN). It will decide on whether to divest 10 percent equity in state owned TCIL.
The divestment department last year had suggested that the government should offload 10 percent in TCIL. It also asked telecom PSU to expedite steps to go for an initial public offer in consultation with the telecom department.
TCIL board has also approved share allotments to employees under an ESOP scheme as per applicable guidelines. Company executives declined to reveal TCIL’s latest financials but the state-owned telecom consultancy firm’s consolidated net worth as on September 30, 2012 stood at Rs 1,331.11 crore and its standalone net worth was pegged at Rs 428.26 crore.