MTNL Board Approves ₹891.53 Crore Powai Property Sale To Income Tax Department For Asset Monetisation

The Board of Mahanagar Telephone Nigam Ltd (MTNL) approved the sale of its Powai property in Mumbai to the Income Tax Department on Thursday for Rs 891.53 crore. The property, situated at Plot-C, Technology Street, Powai, encompasses a land area of 20,895.60 square meters. The sale process will be conducted through a government-to-government transfer or direct sale, contingent upon formal acceptance from the Income Tax Department and approval from Presidential and Alternative Mechanism (AM).

This move aligns with MTNL's strategy to monetize non-core assets amid ongoing financial challenges. In July, Union Communications Minister Jyotiraditya Scindia revealed MTNL's total liabilities of around Rs 40,008.52 crore for FY26, while the value of its non-core assets was estimated at approximately Rs 50,000 crore. The government has recognized asset monetization as a key measure to assist MTNL in addressing its liabilities.

MTNL's losses expanded to around Rs 3,101 crore in FY26, compared to Rs 2,616 crore in FY22, while its total income dwindled to Rs 1,469 crore in FY26, down from Rs 1,696 crore in FY22, as stated by the minister during a written response to the Lok Sabha in July. On Thursday, MTNL's shares experienced a significant surge, rallying up to 17% to reach an intraday peak of Rs 26.96 on the BSE by 12:40 pm.

Throughout the past year, the stock had attained a 52-week high of Rs 44.71 and a 52-week low of Rs 20.30. Currently, the stock is priced at around Rs 25, reflecting an increase of over 8%.