The Sam Pitroda Panel on Telecom has recommended a massive one-third reduction in the manpower in BSNL to put the service provider on sound economic rails. The panel Chief Mr. Sam Pitroda has submitted the report to the Communication Ministry .The report also calls for selling up of its 30 per cent stake through initial public offer and raise funds from the sale of its infrastructure. The recommendations assume significance in the wake of net profit of BSNLs coming drastically down. It has plunged from over three thousand crores in 2007-08 to just 574 crores in 2008-09. The panel has also recommended creation of a separate subsidiary to look after real estate assets and land belonging to BSNL besides unused staff quarters. According to the report, the BSNL owns 2.5 million square meters of prime land in seven Metro cities across the country. <br/> AIR correspondent quoting highly placed sources reports that telecom ministry is in favour of a discussion on the far reaching recommendations of the panel. The Ministry maintains that the discussions can take place only after the BSNL switches over to new system of management services. The issue has taken up at the highest level to take a final decision on the recommendations.