Prasar Bharati loan waiver may be `11,500 cr
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New Delhi: The impact of the financial restructuring of Prasar Bharati (Broadcasting Corp. of India) cleared by the Cabinet last week may be to the tune of Rs.11,500 crore, more than eight times the sum that had been reported by the media.
“The Rs.1,349 crore that has been waived is just the accumulated arrears of space segment and spectrum charges accrued up to March 31, 2011,” said Jawahar Sircar, chief executive officer of Prasar Bharati. “The total financial restructuring package would run into thousands of crores as loans have been converted into grant-in-aid. The internal calculation at Prasar Bharati is currently on and we suspect the impact will be of around Rs.11,500 crore.”
The government’s move will help the public service broadcasting corporation to break with the past and begin on a clean slate.
“Our books looked dirty and we were looked upon as a loss-making organization. The legacy and stigma of loans and non-payment finally leaves us, for which we are very grateful to the information and broadcasting minister and the secretary for personally piloting the effort in the last three years,” Sircar said.
The financial restructuring proposal was based on the recommendations of the group of ministers (GoM) on Prasar Bharati, constituted under the chairmanship of the home minister, to examine various issues pertaining to the functioning of the broadcaster.
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