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MTNL begins Rs 23,000 cr asset monetisation through DIPAM

Friday, 03 Jan 2020
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The Mahanagar Telephone Nigam (MTNL) has commenced the process to monetise assets worth Rs 23,000 crore as it aims to turn profitable in FY21.

The company has already submitted plans to the Department of Investment and Public Asset Management (DIPAM) to monetise Rs 6,200 crore worth assets that include 36 acre of land bank in Mumbai, shops-cum-offices in Delhi, and residential quarters in Noida, etc.

MTNL is aiming for around Rs 7,000 crore in 2020-21 through real estate asset monetisation, which as a part of revival plan will be used for debt restructuring as well as modernisation.

The company looks to realise around Rs 5,000 crore from the sale of its land parcels located at prime locations of Mumbai like Vasai Hill, Mulund and Simpholi. MTNL has assets at all prime locations. Residential as well as commercial complexes can be developed on these properties.

Around Rs 1,000 crore worth assets have been initiated for monetisation in Delhi also. MTNL shops-cum-office complexes in seven DDA markets in Delhi, along with 96 quarters in Noida and 398 quarters purchased by MTNL in various housing complexes in Mumbai, are also going to be for monetisation in Phase-I.

The company has started vacating prime office space Khurshid Lal at Janpath and also some parts of its corporate office in CGO building. The government has approved Rs 68,751 crore revival package for Bharat Sanchar Nigam (BSNL) and MTNL, including 4G spectrum allocation and voluntary retirement scheme.

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