MTNL Board Clears ₹891.53 Crore Powai Property Sale, Shares Jump 17% To ₹26.96

Mumbai: State-owned telecom company Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of its property in Powai, Mumbai, to the Income Tax Department for Rs 891.53 crore.

The decision was approved by the company's board, MTNL said in a regulatory filing on Thursday.

Powai Property Spans 20,895 Sq Metres

The property is located at Plot-C, Technology Street, Powai, and has a total land area of 20,895.60 square metres.

The transaction will be carried out through a government-to-government transfer or direct sale.

However, the deal is still subject to formal acceptance by the Income Tax Department. MTNL said the proposed transaction is based on Presidential Approval and Alternative Mechanism approval.

The sale is part of MTNL's plan to monetise its non-core assets as the debt-laden telecom company looks to improve its financial position.

MTNL Liabilities At Rs 40,008 Crore

Union Communications Minister Jyotiraditya Scindia had said in July that MTNL's total liabilities stood at around Rs 40,008.52 crore in FY26.

At the same time, the company's non-core assets were valued at around Rs 50,000 crore. The government has identified asset monetisation as one of the measures to help MTNL meet its liabilities.

According to information provided by the minister in a written reply to the Lok Sabha, MTNL's losses increased to around Rs 3,101 crore in FY26 from Rs 2,616 crore in FY22.

Its total income also declined to Rs 1,469 crore in FY26 from Rs 1,696 crore in FY22.

MTNL Shares Jump 17 percent

MTNL shares reacted sharply to the development. The stock jumped as much as 17 per cent to touch an intraday high of Rs 26.96 on the BSE.

At the last count, MTNL shares were trading around Rs 25, up more than 8 per cent. The stock's 52-week high is Rs 44.71, while its 52-week low stands at Rs 20.30.