New Delhi: Chasing a disinvestment target of Rs 1.05 lakh crores, the government is looking to disinvest 15 percent of its stake in Telecommunications Consultants India (TCIL), a CNBC-TV18 report said on Thursday. The Centre is planning to offload 15 percent of its stake in the PSU and TCIL will issue a 10 percent fresh equity. Close to 25 percent of equity PSU will likely be offered by the IPO route.
Disinvestment proposal to be presented to Cabinet
Sources were quoted as saying that a proposal for an initial public offer of TCIL is likely to be presented before the Cabinet for an approval on Friday.
What does TCIL do?
TCIL is an engineering and consultancy company entirely owned by the government. It falls under the administrative control of the Department of Telecommunications (DOT), Ministry of Communications. TCIL was set up in 1978 for providing Indian telecom expertise in all fields of telecom, civil works and IT to developing countries around the world, according to the information available on the company’s website.
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Its core competence is in the fields of switching, transmission systems, cellular services, rural telecommunication, optical fibre-based backbone trans systems, IT and networking solutions, application software, e-governence, 3G Network, WIMAX Technology and also Civil construction projects.