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MTNL Sells Mumbai Land for ₹350 Crore to Nabard
15 Dec
Summary
- MTNL board approved selling Mumbai property to Nabard.
- The sale is for ₹350.72 crore for residential units in BKC.
- Nabard will cover stamp duty and registration charges.
Mahanagar Telephone Nigam Limited (MTNL) has greenlit the sale of its valuable residential property situated in Mumbai's Bandra Kurla Complex (BKC). The state-run telecommunications firm will transfer the property to the National Bank for Agriculture and Rural Development (Nabard) for a sum of ₹350.72 crore. This significant transaction was approved by MTNL's board of directors via a circular resolution.
The property comprises the GN Block of BKC Quarters, featuring 28 residential units spread across 4,019.02 square metres on a 2,680 sq metre plot. The sale, conducted as a direct transfer to Nabard, is consistent with presidential approval obtained in July 2020 for asset monetization initiatives.
Under the agreement, Nabard will shoulder the stamp duty, registration fees, and associated charges. MTNL, however, will settle all outstanding dues pertaining to the property before the completion of the transfer. This move is part of MTNL's broader strategy to streamline its assets and enhance financial flexibility.
