MTNL Sells Delhi Properties to Bihar Govt. for ₹68.43 Cr

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AuthorAnanya Iyer|Published at:
MTNL Sells Delhi Properties to Bihar Govt. for ₹68.43 Cr
Overview

Mahanagar Telephone Nigam Limited (MTNL) has inked a Memorandum of Understanding (MoU) with the Government of Bihar to transfer leasehold rights for seven residential properties in New Delhi. The deal is valued at ₹68.43 crore and is a significant step in MTNL's ongoing asset monetization strategy, aimed at improving its strained financial position. The transaction, however, remains contingent upon obtaining necessary regulatory approvals.

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Property Deal Details

Mahanagar Telephone Nigam Limited (MTNL) has signed a Memorandum of Understanding (MoU) with the Government of Bihar to transfer the leasehold rights for a portfolio of seven residential properties. These properties are located in New Delhi. The agreed value for this transfer of rights is ₹68.43 crore.

MTNL's Asset Monetization Push

This transaction is a key component of MTNL's broader strategy to monetize its assets. The telecommunications company has been working to improve its financial standing, which has been described as strained. Selling off non-core assets like these properties in a prime location like New Delhi is part of that effort to boost its financial health.

Approval Contingency

The deal is not yet final. The transfer of leasehold rights is contingent upon MTNL successfully obtaining the necessary regulatory approvals. Until these approvals are secured, the ₹68.43 crore property transaction remains pending.

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