BSNL Employees Union Accuses Management Of Trying To Sell Prime Properties At ‘Throwaway Prices’ In Chennai

Bharat Sanchar Nigam Limited Employees Union is claiming that the state telecom operator is planning to sell eight BSNL properties in prime localities of Chennai at low prices, reports The Economic Times.

The properties identified by the association include the 1.81 lakh square feet Telephone House on NSC Bose road and other land parcels in Kilpauk, Royapettah, Egmore and Ambattur.

According to P Abhimanyu, the general secretary of the union, the DoT is moving a cabinet note to revive BSNL, in which one revival package is by transferring the state-run operator’s bank loans to a special purpose vehicle (SPV).

In a statement, he adds that the identified land parcels of BSNL will be transferred to the SPV to be sold and repay the loans. The BSNL management has already recognised and finalised a list of 63 land parcels across the country. However, Abhimanyu believes the land parcels “are being transferred to the SPV at a throwaway price.”

According to the report, the total market value of the land parcel determined by the management is at Rs 2,353.67 crore, compared to the market value of the place, which Abhimanyu estimates at Rs 3.867.89 crores.

In the statement, Abhimanyu said that the land parcels are being undervalued by more than Rs 1,000 crores in Chennai alone. Further, he is seeking the intervention of the telecom secretary over the issue and hopes for appropriate action stopping the move.