Mahanagar Telephone Nigam Limited (MTNL) has received board approval to sell its residential property in Mumbai’s Bandra Kurla Complex (BKC) to the National Bank for Agriculture and Rural Development (NABARD) for Rs 3.50 billion.
The property comprises 28 residential units spread across around 2,680 square metres. MTNL stated that the sale will be executed either as a government-to-government transfer or through a direct sale to NABARD.
The transaction falls under the Presidential approval granted in July 2020, which allows monetisation of assets owned by Bharat Sanchar Nigam Limited (BSNL) and MTNL. The government has set targets to raise Rs 9 billion from BSNL and Rs 45.73 billion from MTNL through asset monetisation by 2025-26.
