India to sell state-controlled telecom giants' assets

India to sell state-controlled telecom giants assets

The government of India has listed for sale real estate assets of state-run telecom firms Mahanagar Telephone Nigam Limited (MTNL) and Bharat Sanchar Nigam Limited (BSNL) at a reserve price pegged at INR 1,100 crore (GBP 110 million), according to documents uploaded on the Department of Investment and Public Asset Management (DIPAM) website.


"Non core asset monetisation commences with the first set of six properties of BSNL/ MTNL bid out on the MSTC portal," DIPAM Secretary Tuhin Kanta Pandey said in a tweet.

BSNL properties located in Hyderabad, Chandigarh, Bhavnagar and Kolkata have been posted for sale at a reserve price of around Rs 800 crore. The website has listed MTNL assets located in Vasari Hill, Goregaon in Mumbai for sale at a reserve price of around Rs 270 crore.

Meanwhile, MTNL’s 20 flats located in Oshiwara have also been put up for sale as part of the asset monetisation plan of the company.

The e-auction for MTNL assets will take place on December 14.

The asset monetisation is part of the Rs 69,000 crore (GBP 7 billion) revival scheme for MTNL and BSNL which was approved by the government in October 2019.

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