The board of Mahanagar Telephone Nigam Limited (MTNL) has approved a ten-year service agreement with Bharat Sanchar Nigam Limited (BSNL). Under the agreement, MTNL aims to enhance network services by offering improved 4G connectivity to its user base.
The agreement includes provisions for mutual cancellation with a minimum six-month notice period. This collaboration is expected to directly benefit the substantial user base in the capital and economic hub of India.
The MTNL board also approved the sale of shares of MTNL in Mahanagar Telephone (Mauritius) Ltd (MTML), a wholly-owned subsidiary of MTNL, by complying with applicable Department of Investment and Public Asset Management (DIPAM) guidelines and all other processes as per the Securities and Exchange Board of India (SEBI)/company laws.
The board further approved the proposal of the sale of shares of MTNL in MTNL STPI IT Services Ltd (MSITS) under intimation to STPI by complying with the provisions of the joint venture (JV) pact with STPI and complying with applicable DIPAM guidelines and all other processes as per SEBI/company laws.
Notably, the board has also approved the proposal for the closure of Millennium Telecom Limited (MTL), a wholly-owned subsidiary of MTNL by complying with applicable DIPAM guidelines and all other processes as per SEBI/company laws.
