Mumbai, October 1 (Daily Kiran) : The board of the state-owned telecom company, Mahanagar Telephone Nigam Limited (MTNL), has approved the sale of its property in Pawai, Mumbai, to the Income Tax Department for ₹891.53 crore. This decision was announced on Thursday, October 1.
The property, located at Plot-C, Technology Street, spans a total area of 20,895.60 square meters. MTNL stated in its exchange filing that the sale will occur either through a government-to-government (G2G) transfer or a direct sale.
This transaction is contingent upon formal approval from the Income Tax Department and will proceed based on consent from the President and the Alternative Mechanism (AM). The proposed sale is part of MTNL’s efforts to monetize its non-core assets, especially as the company faces ongoing financial challenges.
Central Communications Minister Jyotiraditya Scindia noted in July that MTNL’s total liabilities for the fiscal year 2025-26 were approximately ₹40,008.52 crore, while the value of its non-core assets was around ₹50,000 crore. The government has identified asset monetization as a strategy to assist the company in addressing its debts.
According to figures provided by the minister in a written response to the Lok Sabha in July, MTNL’s losses rose from ₹2,616 crore in the fiscal year 2021-22 to about ₹3,101 crore in 2025-26. The company’s total revenue also declined from ₹1,696 crore in 2021-22 to ₹1,469 crore in 2025-26.
Following this announcement, MTNL’s shares saw a significant uptick. At 1:15 PM, the stock was trading at ₹25.18, reflecting a 9.62 percent increase on the National Stock Exchange (NSE). During the trading session, it reached a high of ₹26.94.
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