MTNL Board Clears ₹891.53 Crore Powai Property Sale, Shares Jump 17% To ₹26.96
Mumbai: State-owned telecom company Mahanagar Telephone Nigam Limited (MTNL) has approved the sale of its property in Powai, Mumbai, to the Income Tax Department for Rs 891.53 crore. The decision was approved by the company's board, MTNL said in a regulatory filing on Thursday. Powai Property Spans 20,895 Sq Metres The property is located at Plot-C, Technology Street, Powai, and has a total land…
Mahanagar Telephone Nigam Limited (MTNL), a state-owned telecom firm, has authorized the sale of its Powai property in Mumbai to the Income Tax Department for ₹891.53 crore, according to a regulatory announcement on Thursday. The Powai property, situated at Plot-C, Technology Street, Powai, encompasses a land area of 20,895.60 square meters.
The transaction will be accomplished through a government-to-government transfer or direct sale, but it is contingent upon the Income Tax Department's formal approval. The proposed sale aligns with MTNL's strategy to monetize its non-core assets as the company endeavors to bolster its financial stability. MTNL's liabilities amount to approximately ₹40,008 crore for the fiscal year 2026 (FY26), while its non-core assets are estimated at around ₹50,000 crore.
The government has earmarked asset monetization as a key approach to assist MTNL in meeting its liabilities. MTNL's losses grew to approximately ₹3,101 crore in FY26, up from ₹2,616 crore in FY22, and its total income decreased to ₹1,469 crore in FY26 from ₹1,696 crore in FY22. As a result, MTNL shares experienced a significant surge, with the stock jumping 17% to reach an intraday peak of ₹26.96 on the BSE, trading around ₹25 at the latest count, marking an increase of over 8%.
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