Cabinet relief for telcos; okays stake sale in five PSUs

New Delhi, November 20

Providing relief to telecom companies, the Union Cabinet today approved a moratorium of two years for spectrum payments, sources said.

The move to defer payments for 2020-21 and 2021-22 will give Rs 42,000 crore relief to Bharti Airtel, Vodafone Idea and Reliance Jio, they said.

The move was approved by the Union Cabinet headed by Prime Minister Narendra Modi.

The Cabinet also approved sale of government’s stake in five blue-chip PSUs, including Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of India (SCI) and Container Corp of India along with transfer of management control, Finance Minister Nirmala Sitharaman said.

The government will sell its 53.29 per cent stake in BPCL after taking out Numaligarh refinery from its portfolio, she told reporters here.

Besides, the government will sell its stake in THDC India and North Eastern Electric Power Corporation Ltd (NEEPCO) to state-owned NTPC Ltd, she said.

Finance Minister said the Cabinet had also approved cutting government’s stake in select PSUs below 51 per cent while retaining management control. — PTI