board of state-run telecom company Mahanagar Telephone Nigam Ltd (MTNL) on Thursday approved the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore.
The property, situated at Plot-C, Technology Street, Powai, spans 20,895.60 square metres, MTNL stated in a regulatory filing.
The transaction will be executed via a government-to-government (G2G) transfer or direct sale, subject to formal acceptance by the Income Tax Department.
The deal also requires approval under the Presidential Approval and Alternative Mechanism (AM) processes according to MTNL.
This sale forms part of MTNL's strategy to monetise non-core assets amid ongoing financial difficulties faced by the company.
July, Union Communications Minister Jyotiraditya Scindia informed that MTNL's total liabilities stood at approximately Rs 40,008.52 crore in FY26, while its non-core assets were valued at about Rs 50,000 crore.
The government is prioritising asset monetisation to help MTNL manage its liabilities more effectively.
Data presented by the minister revealed that MTNL's losses increased to roughly Rs 3,101 crore in FY26 from Rs 2,616 crore in FY22.
During the same period, its total income decreased to Rs 1,469 crore from Rs 1,696 crore.
Following the announcement, MTNL shares surged by up to 17 percent, reaching an intraday high of Rs 26.96 on the BSE by 12:40 pm.
The stock has recorded a 52-week high of Rs 44.71 and a low of Rs 20.30, trading around Rs 25 at the last count, marking an increase of over 8 percent.
