The consortium of organisations hired to advise on how to derive more synergy between telecom giants Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) has suggested two measures –­ a BSNL buyout of MTNL, and a merger. The possibility of a reverse merger has been ruled out for the moment. ICICI Securities, ABN-Roths-child and legal consultants Desai Diwanji were given the mandate to give their opinion on the issue. Under the first option, BSNL will buy out the government's holding in MTNL, which is a listed entity. The government holds a 56.75 per cent stake in MTNL and the company's primary business is that of providing fixed line services in the metros of Delhi and Mumbai. The second option is a straightforward merger between the two entities. Though there is a difference in size, both BSNL and MTNL operate common lines of businesses.