MTNL to raise Rs 5000 cr from realty assets
The state telecom Mahanagar Telephone Nigam (MTNL) has mandated a consortium led by the global real advisory firm DTZ to unlock roughly Rs 5000 crore from the land holdings in Mumbai and Delhi.
The company also said that the land can be given for sale, lease and redevelopment through public-private partnership as a part of the monetization strategy.
MTNL has proposed this bid to global real estate advisors like Jones Lang LaSalle, CBRE, and Cushman & Wakefield, DTZ, among which DTZ won the bid.
MTNL has around 100 land parcels in NCR and Mumbai, including a 20 acre property in West Delhi, costs around Rs 2,000 crore.
This is a principal provider of telephone line in Mumbai and Delhi, called for bid in the last year to raise funds from the real estate. Already the telecom providers’ losses widened 26% to Rs 1093 crore in September quarter over the same period a year ago.
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