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Finance Secy-led IMG approves sale of MTNL land parcels to BMC valued at nearly ₹1,960 cr

Millennium Post Delhi

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October 23, 2024

NEW DELHI: An Inter-Ministerial Group (IMG), headed by Finance Secretary, last month approved in principle the sale of five land parcels owned by state-run Mahanagar Telephone Nigam Ltd (MTNL) in Mumbai to Brihanmumbai Municipal Corporation (BMC) at a total valuation of nearly Rs 1,960 crore.

The land sale is part of the revival plan for MTNL and Bharat Sanchar Nigam Ltd (BSNL) which the Union Cabinet approved in 2019.

Through land monetisation, the Centre expects to fetch the government over Rs 20,000 crore which would also go into reducing the debt of both state-run telecom undertakings.

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