Mahanagar Telephone Nigam Limited (MTNL) has initiated the monetisation of its assets worth Rs 230 billion in its endeavour to turn profitable by the next fiscal year.

Under the first phase, MTNL has submitted plans to the Department of Investment and Public Asset Management (DIPAM) for monetisation of Rs 62 billion worth of assets. This includes 36 acres of land bank in Mumbai, shops-cum-offices in Delhi, and residential quarters in Noida, among other things.

MTNL has said that it is aiming to receive around Rs 70 billion in 2020-21 through real estate asset monetisation. This is part of the operator’s revival plan and the receipts from this will be used for debt restructuring as well as modernisation.

Moreover, the state run telco is hoping to garner around Rs 50 billion from the sale of its land parcels located at prime locations of Mumbai.