A big land scam in the offing in BSNL.

The Department of Telecommunications is moving a Cabinet Note for the Revival of BSNL. One of the components envisaged in the Revival Package is to make BSNL a debt-free Company, through transfer of BSNL’s bank loans to a Special Purpose Vehicle (SPV). Identified land parcels of BSNL will also be transferred to the SPV, to be sold by the latter, for the repayment of the loans. BSNL Management has already finalised a list of 63 land parcels, located in major cities and towns, to be transferred to the SPV. In this process BSNL has also fixed the value for these land parcels.

It is shocking to know that these land parcels are grossly undervalued. In the name of monetisation of lands, for the purpose of making BSNL a debt-free Company, BSNL’s lands are being transferred to the SPV at a “throw-away price”. It must be noted that BSNL’s vacant land parcels are mostly situated in the prime locations of India’s metro cities, as well as in other big towns. According to our information, the market value of these land parcels is very high. However, in the name of book value, these land parcels are going to be transferred to the SPV at dirt cheap price.