Bharat Sanchar Nigam Ltd today said the proposal relating to its public offer through divesting 10% of its stake is with the Centre and is likely to get delayed due to the subdued capital market.
"The BSNL board had cleared the IPO plan of about 10% and we have forwarded it to the government.
It is now with them to decide on the matter," BSNL Chairman and Managing Director Kuldeep Goyal told reporters here today at a launch function of BSNL datacard for voice and data service.
He, however, said under the present market conditions it was unlikely that government would take forward the issue now.
The BSNL unions were also opposing the proposed IPO.
The Centre has also deferred IPO launches of other PSUs like NHPC Ltd due to bearish trend in the primary and secondary capital markets.
Goyal said due to financial crisis, BSNL was also reducing the investment plans for the current fiscal.
"Due to financial crisis, we plan to invest around Rs 14,000-Rs 15,000 cr during the current fiscal as against Rs 18,000 cr envisaged earlier," he said.
Goyal also said the company was also not hopeful of any rise from the previous year's revenue of Rs 38,000 cr during the current fiscal.
Asked about 3G rollout plans, Goyal said the services would be launched in north and eastern states by early 2009.