New Delhi: State-owned telecom company Mahanagar Telephone Nigam Ltd (MTNL) on Thursday said its board has approved the sale of its property at Powai in Mumbai to the Income Tax Department for Rs 891.53 crore.
The property which is located at Plot-C, Technology Street, Powai has a land area of 20,895.60 square metres, MTNL said in a regulatory filing.
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The sale will be carried out through a government-to-government (G2G) transfer or direct sale, it said.
The transaction is subject to formal acceptance by the Income Tax Department and is based on Presidential Approval and Alternative Mechanism (AM) approval, according to the telecom firm.
The proposed sale is part of MTNL's efforts to monetise non-core assets as the state-owned telecom company continues to face financial challenges.
In addition, Union Communications Minister Jyotiraditya Scindia said in July that MTNL had total liabilities of around Rs 40,008.52 crore in FY26, while its non-core assets were valued at around Rs 50,000 crore.
The government has identified asset monetisation as one of the measures to help the company meet its liabilities.
According to data provided by the minister in a written reply to the Lok Sabha in July, MTNL's losses rose to around Rs 3,101 crore in FY26 from Rs 2,616 crore in FY22.
Its total income declined to Rs 1,469 crore in FY26 from Rs 1,696 crore in FY22, according to him.
Shares of MTNL on Thursday traded higher, jumping as much as 17 per cent to hit an intraday high of Rs 26.96 on the BSE by 12:40 pm. The stock has touched a 52-week high of Rs 44.71 and a 52-week low of Rs 20.30.
At the last count, the stock was trading at around Rs 25, an increase of more than 8 per cent.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
