BSNL's revival bet depends on monetising real estate worth Rs 75,000 crore

The revival of state-owned Bharat Sanchar Nigam Ltd (BSNL) could be contingent on the monetisation of its real estate, valued roughly at Rs 75,000 crore, according to sources involved in the process.

They point out that the monetisation could bring in the cash needed to finance the Voluntary Retirement Scheme (VRS) which requires between Rs 30,000crore and Rs 40,000 crore. 

Estimates suggest that the BSNL’s salary costs may constitute a staggering 75 per cent of BSNL’s total revenue. No revival plan can succeed until this bloated employee base and attendant high cost of operations is dealt with.  

“A decision has to be taken