MTNL working on monetising certain assets in Mumbai

PTI New Delhi | Updated on September 19, 2020 Published on September 19, 2020

State-run MTNL has submitted a set of assets, including land, staff quarters and telephone exchange in Mumbai, for monetisation, Parliament was informed on Saturday.

Minister of State for Finance Anurag Singh Thakur said International Property Consultants has been appointed for end-to-end transaction advice on monetization of these properties.

“MTNL has submitted a set of assets for monetization through the DIPAM Framework. The assets include land, staff quarters and telephone exchange in Mumbai,” Thakur said in a written reply to a question in the Lok Sabha.

He said no property in Delhi is presently under monetization through the Department of Investment and Public Asset Management Framework (DIPAM) framework.

The details of properties in Mumbai which are presently under monetization are three land parcels, two staff quarters and a telephone exchange along with a staff quarter.

Thakur said since the asset monetization process is a complex one involving multiple stakeholders and agencies, hence a specific time frame for completion of these monetization transactions cannot be defined at present.

The government had in October last year approved the revival plan for MTNL. The revival plan includes measures to reduce the staff cost through a voluntary retirement scheme (VRS) for employees of age above 50 years, administrative allotment of spectrum to MTNL for providing 4G service, asset monetization, debt restructuring by raising of Sovereign Guarantee Bonds and in-principle approval for merger of BSNL/MTNL.

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Published on September 19, 2020
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