MTNL reported a loss of Rs 653 crore for the July-September quarter
Beginning the non-core asset monetisation process, the Department of Investment and Public Asset Management (DIPAM) today invited bids to sell six assets of state-run telecom firms Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) through its new asset monetisation portal.
“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 tweeted.
Non core asset monetisation commences with the first set of six properties of BSNL/ MTNL bid out on the MSTC portal. Link of the portal can be accessed at https://t.co/Kq452WOFfCpic.twitter.com/KKsaIEyah8
— Secretary, DIPAM (@SecyDIPAM) November 20, 2021
The government has listed for sale real estate assets of the telecom companies at a reserve price of around Rs 1,100 crore, according to reports.
On November 18, shares of MTNL rose as much as 15 per cent to Rs 20.70 in their biggest intraday rise since March 10, after it was reported that the government plans to revive the company. MTNL’s shares have so far gained 30.4 per cent this year.
Set up in 1986 by the government, MTNL reported a loss of Rs 653 crore for the July-September quarter, up from Rs 583 crore a year ago. Its total debt stood at Rs 25,615 crore, at the end of the previous fiscal 2020-21.
The sale of non-core assets such as land parcels or real estate is being managed by the DIPAM, and is similar to the pipeline of core assets created for monetisation by the government think-tank NITI Aayog. The aim is to utilise the idle land parcels of state-owned entities and realise the value.
The initiative is on the lines of the National Monetisation Pipeline (NMP) – where the government aims to monetise underutlised assets, but will only include non-core assets.
