MTNL Board Approves Sale of Powai Property to Income Tax Department for Rs 891.53 Crore

According to a regulatory filing by the company on Thursday, the property is located at Plot-C, Technology Street, Powai, and covers a land area of 20,895.60 square metres.

The transaction will be executed through a government-to-government transfer or direct sale, MTNL said.

The proposed deal is subject to formal acceptance by the Income Tax Department and is being undertaken following Presidential Approval and Alternative Mechanism approval.

The sale is part of MTNL's broader efforts to monetise non-core assets as the state-owned telecom operator continues to deal with significant financial liabilities.

Union Communications Minister Jyotiraditya Scindia said in July that MTNL's total liabilities stood at around Rs 40,008.52 crore in FY26, while the company's non-core assets were valued at approximately Rs 50,000 crore.

The government has identified monetisation of these assets as one of the measures to help MTNL address its financial obligations.

Data provided by Scindia in a written reply to the Lok Sabha in July showed that MTNL's losses increased to around Rs 3,101 crore in FY26 from Rs 2,616 crore in FY22. Its total income also declined from Rs 1,696 crore in FY22 to Rs 1,469 crore in FY26.

MTNL shares rose sharply during Thursday's trading session following the announcement. The stock gained as much as 17 per cent to reach an intraday high of Rs 26.96 on the BSE by 12:40 p.m.

The company's shares have traded between a 52-week high of Rs 44.71 and a low of Rs 20.30. At the latest count, the stock was trading at around Rs 25, up more than 8 per cent.