MTNL posted a loss of Rs 653 crore in the July-September quarter
Initiating the non-core asset monetization process, the Department of Investment and Public Asset Management (DIPAM) today invited bids for sale of six properties of state-owned telecom companies Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL). . New asset monetization portal.
DIPAM Secretary Tuhin Kanta Pandey tweeted, “Non-core asset monetization begins with first set of six properties of BSNL/MTNL bidding on MSTC portal.”
Non-core asset monetization starts with bidding on MSTC portal with the first set of six assets of BSNL/MTNL. The portal link can be accessed https://t.co/Kq452WOFFCpic.twitter.com/KKsaIEyah8
— Secretary, DIPAM (@SecyDIPAM) November 20, 2021
According to reports, the government has listed real estate properties of telecom companies for sale at a reserve price of around Rs 1,100 crore.
On November 18, MTNL shares rose 15 per cent to Rs 20.70 in their biggest intraday rise since March 10 after it was reported that the government is planning to revive the company. MTNL shares have gained 30.4 per cent so far this year.
Established in 1986 by the government, MTNL reported a loss of Rs 653 crore in the July-September quarter, up from Rs 583 crore a year ago. Its total debt at the end of the last financial year 2020-21 was Rs 25,615 crore.
The sale of non-core assets such as land parcels or immovable assets is being managed by DIPAM, and is similar to the pipeline of core assets created by the government think-tank NITI Aayog for monetization. It aims to utilize the idle land parcels of state-owned entities and realize the value.
The initiative is on the lines of the National Monetization Pipeline (NMP) – where the government aims to monetize under-utilised assets, but will cover only non-core assets.
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