The company has initiated the process of appointing consultant for hiving off tower assets into a new company. The process will be completed by the end of December.
“The consultant will tell us whether we should get a strategic investor for the separate company, if formed,” Upadhyay said. “The consultant will also tell what would be the market valuation of the company and whether market dynamics are in favour of a new tower firm.”
The PSU is passing through financial crisis. It reported a loss of about Rs. 8,851 crore for the financial year ending March, 2012.
The company had reported losses for the first time in 2009-10 at Rs. 1,823 crore.
Its losses have increased in subsequent years.
“We are taking a number of initiatives to bring back the company on the right track,” said Upadhyay. “For example, we have streamlined procurement process, improved our billing system and have started ERP (Enterprise Resource Planning). All these steps will give results in the next financial year.”
The company is expecting a revenue of at least Rs. 25,000 crore for the current fiscal year.