With the turnaround now firmly out of the window, the focus has shifted to finding ways to reduce expenditure or to keep it under tight control, and try to earn revenues from non-core areas like renting and leasing of real estate space, towers, and leasing of the CDMA network. In short, this means that the future for MTNL and BSNL is to minimise their losses by non-traditional revenues even as the core bleeds. The immediate hope is the refund the PSUs will get by surrendering their broadband wireless access spectrumaround R6,724 crore for BSNL and R4,600 crore in the case of MTNL. In addition, MTNL hopes to get R10,000 crore through sales of land assetsit has around 230,000 sq m of commercial land and 380,000 sq m of residential land. While thats a tidy sum, given the history of government in selling landit took over a decade to even demerge the land holding of VSNLthis may be easier said than done. In which case, at some point the government needs to take a call on why the PSUs are being kept afloat and the costs it is incurring for this. Selling the PSUs to strategic investors is an idea worth looking at, more so given their valuable spectrum holdings.