The Government's approval for IPO....

Mr.Goyal (BSNL, MD) said BSNl is waiting for the Government's approval for its initial public offer. The IPO proposal was submitted a year ago.
We will start negotiating with the unions once we get the government OK, he said.
The Indian regime had planned to sell 10% of BSNL and list shares last year. But is had to defer theproposal after opposition from a major workers unions and the meltdown of the stock market.
Mr.Goyal didn't elaborate on when he expects an approval from the government, but added, we hope a decision should come soon on that (IPO).
Mr. Goyal also said BSNL is scouting for a acquisition and telecom license in African countries. It had earlier this month appointed eight consultants to seek opportunities abroad.
"We are looking at various options whether getting into new licenses that are being issued or partnering with existing licensees by taking a stake" he said.
The company has 300 billion rupees ($6.18 billion) in cash for acquisition and expansion, he said.